Edition 22
F E B RUA RY 2 018
A lang cat production for The Transparency Task Force
THE
TIMES
SPECIAL EDITION
FINANCIAL STABILITY A special edition of the Transparency Times, dedicated to reporting on the work of our Financial Stability Team and the successful event we led at the House of Commons on 7 February 2018.
Edition 22
F e b r u a r y 2 018 ...2
www.transparencytaskforce.org
3 Ideas to help reduce the chance of another global financial crisis 10 The Transparency Task Force Teams 12 Upcoming Transparency Task Force Events 14 The Directory of Pro-Transparency Organisations
www.transparencytaskforce.org
Edition 21
Ideas to help reduce the chance of another global financial crisis Introduction The Transparency Task Force’s Financial Stability Team was launched in September 2017 at a Transparency Symposium entitled “It must never happen again!”. The event was all about the global financial crisis (GFC) and the date on which it was held marked the 10th anniversary of the collapse of Northern Rock. The speakers shared their thoughts on the causes of the GFC and what might yet need to be done to prevent a similar disaster from occurring again. Many excellent presentations were given, outlining a range of ideas worthy of further consideration. We invited speakers and participants to become volunteers in our new Financial Stability Team, with the intention that it would capture the valuable thought leadership shared during the speeches and discussions that day. The idea was that the Financial Stability Team would develop a white paper setting out “ideas to reduce the chance of another global financial crisis”. This would be presented at the House of Commons on 7 February 2018 to a range of stakeholders including parliamentarians, The Bank of England, the Financial Conduct Authority, the Financial Reporting Council, the Department for Business, Energy and Industrial Strategy and others. Leandros Kalisperas, now Global Head of Pensions at Aberdeen Standard Investments, has led the team very successfully since its inception. The team started with seven members but through word of mouth it has grown to over 40, including subject-matter experts both in the UK and overseas. What follows is a version of the White Paper’s executive summary and conclusions/next steps and a report on our event at the House of Commons.
F e b r u a r y 2 018 ...3
Edition 22
F e b r u a r y 2 018 ...4
www.transparencytaskforce.org
Executive summary It is now some ten years since the GFC and therefore a timely moment to reflect, refocus and reconsider what else can be done to prevent a recurrence. Financial stability warrants nurturing and protecting; thinking about financial stability through the clear-eyed lens of transparency offers an opportunity to cut through to what really matters and allow the key public policy issues that arise to be dealt with responsibly and rationally. In this respect, we must counter the danger that the policy response to the last crisis will shape a future one, because in regulatory and monetary terms, we may still be fighting the last war. The causes of the GFC are many and complex; but one thing is certain – everybody would like to avoid having another one. The crisis and the policy response to it caused tremendous harm at an individual, societal, economic and political level. It was so severe that it caused many to question whether it proved that capitalism was fundamentally flawed. Perhaps the simplest way to convey the terrible impact of the GFC is to reflect on the conclusions from research carried out by Oxford University in 2014 – that the crisis led to more than 10,000 extra suicides. This is a shocking statistic and likely a conservative one. The research – reported on at http://www.bbc. co.uk/news/health-27796628 – was carried out across Europe and North America and attributed the increase in suicides to the consequences of a far higher number of people losing their job, having a home repossessed or falling into serious debt. Beyond this tragic human cost, there is the harsh reality that the GFC has brought financial hardship to millions if not billions across the globe. Society and our economy will continue to suffer the consequences of the GFC for many years to come. Austerity has been an enforced sacrifice to pay for these consequences but there remains the question of why exactly we have had to endure this, and what can be done to avoid it happening again.
Furthermore, the inevitable reaction to measures put in place by governments has impacted the world’s political landscape too. One wonders how much of today’s political landscape can be traced directly back to the GFC. Maybe it explains Brexit? Maybe it explains the shifts away from the moderate centre? Maybe it explains the ascendancy of anti-globalisation and national protectionism? We cannot change what has happened but, given the horrific impact of the crisis it is eminently sensible that we all do what we can to avoid something similar ever happening again. If we cannot do that, we must mitigate the severity of the next one. Failing to make a serious and whole-hearted attempt to do so would be reckless in the extreme. Any serious attempt to protect the system requires a good understanding of what causes markets to crash. It also demands a systematic approach to evaluating the merits of potential policies and practices that could provide the financial resilience, protection and stability we all want. One of the problems to solve is that our financial ecosystem operates on a siloed basis, with constituents operating rationally from their perspective and within their mandates, but which when aggregated is suboptimal or pro-cyclical. Few organisations have the wherewithal to take a systematic perspective – even regulators are constrained – and therefore ownership of the problem is often lost. In short, our governance framework was not created for the interconnected world we now inhabit. This is understandable and can only start to be improved upon by a more rigorous understanding of the component parts. We believe this white paper provides some essential insights into the factors that brought about the crash. Far more importantly, it goes on to consider solutionoriented ideas that may help to prevent the next one from occurring. These include the need to:
www.transparencytaskforce.org
Edition 21
F e b r u a r y 2 018 ...5
Harness the transformational power of
Develop far more effective values-
transparency to see and mitigate risks.
based rather than rules-based codes
Take a ‘whole system’ approach to systems governance and stewardship, ensuring system ownership and responsibility are correctly allocated. Understand the reality and consequences of the reverse intermediation nature of the banking system; reconsider the loancreating process; create true diversity in the banking system. Require the asset management sector to adopt a more nuanced regulatory approach that better reflects the different investment horizons of savers; understand what
of conduct, that are rigorously enforced; consider the introduction of Fiduciary Oaths and Fiduciary Standards for the sector. Ensure all the direct and indirect consequences of climate change are properly recognised as a major source of potential financial instability. Forensically consider the destabilising risks posed by Brexit and the consequential potential withdrawal from and fragmenting of regulatory controls.
forces are at play that are causing long
Successfully launch and secure
term investors to behave like short-term
sufficient backing for the All Party
investors; and tackle the ‘cult of liquidity’
Parliamentary Group (APPG) on
that exacerbates pressures.
Financial Stability.
Take a fresh look at people risk, culture
Initiate the launch of an extensive
risk and conduct risk; individually and
international network of similar
collectively; properly incorporate the ‘human
Financial Stability forums, each funded
capital’ element to market behaviour; defeat
at a national level, that will operate
the damaging culture of short-termism.
collaboratively and collegiately;
Adopt specific counterweights to the extensive asymmetries of information that exist throughout the system. Introduce specific indicators, metrics and guidelines to shine the light of transparency on the health of the system, including: transparency labels to manage product complexity; Shareholder Nominations to the AGM Committee (SNAC) to manage organisational complexity; Organisational Maturity Ratings that could help provide an alternative vision to traditional financial metrics; and a Financial System Resilience Index to broaden understanding of the health status of the system.
sharing intelligence that will enable ‘diagnosis and prescription’ to take place on a necessarily global basis; thereby helping to deliver financial stability as a public good to all the world and all its peoples. We do not believe that the above list is exhaustive in any way. It has been compiled by our Financial Stability Team over several months and we are sure that there are more risks that need nailing down. Furthermore, beyond what can be readily identified there are always the ‘unknown unknowns’ that could catch every observer by complete surprise. There is much to be done.
Edition 22
F e b r u a r y 2 018 ...6
Wanting to achieve financial resilience is not a partypolitical issue: the quest for greater financial stability is something that appeals to people of all political persuasions. Indeed, it could be one of several unifying aspirations at this time, with a common bond of establishing what more can be done to enable the financial services sector as a whole to find and embrace a true sense of purpose which can act as a North Star in guiding the way it functions. Given the cross-party interest in the topic there is huge value to be had in building a much-needed line of constructive communication between not just parliamentarians but also academics, practitioners, regulators, civil society groups, relevant government departments, enlightened market participants and so on. An APPG on Financial Stability would be the ideal forum for the kind of analysis, debate and consensusbuilding that is needed.
www.transparencytaskforce.org
We believe that the principle of transparency is a powerful and constructive one for this forum to adopt as part of its scope, as it implies recognising important issues, fostering widespread and deeper understanding of them and facing up to them across society. The plan is that the APPG on Financial Stability will be a safe and suitably informal environment, conducive to considering constructive and creative policy initiatives that may help to mitigate the risk of another GFC. The APPG on Financial Stability has the potential to become an outstandingly useful forum for a wide range of stakeholders and we are hopeful that it will lead to candid yet collegiate conversations about the stewardship of our economy and the financial ecosystem as a whole.
Conclusions and next steps The ultimate purpose of the Transparency Task Force’s Financial Stability Team is to influence policymakers to develop and promote policies that align with the achievement of greater financial resilience and thereby help mitigate the risk of future financial crises. This White Paper is a significant first step in galvanizing interest in, and support for, the APPG on Financial Stability which has excellent potential to be a ‘force for good’ for the benefit of all. Market crashes are man-made disasters; there is nothing natural about them and they do not need to happen. They are not typhoons, tornadoes or tsunamis; they are the manifestation of opacity, systemic flaws and policy failures; they are the consequence of errors of judgement and mistakes. However, given the extreme complexity and interconnectivity of the world’s financial ecosystem which is riddled with uncertainties and risks of all kinds, there is no surprise that mistakes were made by many global policymakers. Nevertheless, the work of the Transparency Task Force is about finding solutions, not apportioning blame and it has been with a sense of noble intent and civic duty that our Financial Stability Team has embarked on this
volunteer-driven initiative to try to make a difference, to the best of our ability, despite having no resource or support of any kind. We believe our White Paper completely disproves any notion that “everything that should be done to mitigate the risk of another GFC has been done,” and we therefore believe the Paper has merit in its own right as a thought-provoking discussion document. However, the real test of the efficacy of this Paper is whether it achieves its underlying objective – to attract the interest of parliamentarians and inspire them to become founding members and leaders of the new APPG on Financial Stability; thereby enabling them in turn to carry out their noble and civic duty to the best of their ability.
What would be the Financial Stability APPG’s raison d’être? The problem of Financial Stability can’t have a oneand-done solution. Continuous analysis, monitoring and adaptation is required. Furthermore, no single individual or organisation has a monopoly on ideas and building consensus is absolutely vital if real and sustainable solutions are to be found. The APPG will form a highly valuable ‘whole system’ view, supported by the insights and experiences of all that wish to feed in their ideas and perspectives;
www.transparencytaskforce.org
Edition 21
F e b r u a r y 2 018 ...7
we envisage that it will become a shining example of what can happen when stakeholders with a variety of outlooks work together to achieve a common and noble goal. The APPG on Financial Stability will be free to consider all perspectives and evaluate a plethora of ideas, acting as a repository for all relevant thought leadership. It will be a fantastic conduit for all civil society groups, thought leaders, academics, researchers, economists and so on (whether part of the Transparency Task Force or not) to get their voice properly heard.
How might the Financial Stability APPG operate? We envisage that it would have quarterly meetings publicised well in advance to all interested stakeholders through a ‘call for papers’ on specified topics. Each meeting would deal with one or more questions, for example: hat can we do about the way the banking W system operates in order to reduce the chance of another GFC? How can we improve corporate culture in order to reduce the chance of another GFC? How can we address information asymmetries in order to reduce the chance of another GFC? The more resource and support the APPG has, the more swiftly it can work through the very long list of risks that need to be assessed and mitigated. Of course, we would hope and expect that suitable representatives of the Bank of England, The Financial Reporting Council, the Financial Conduct Authority, the Financial Services Consumer Panel, The Pensions Regulator, the Government Actuarial Department, the Department for Work and Pensions, the Department for Business, Energy and Industrial Strategy and others would be regular participants. Furthermore, senior representatives from relevant organisations that have engaged in the call for papers process for each meeting would be very welcome to participate. The new APPG is intended to be a safe and suitably informal environment, conducive to considering constructive and creative policy initiatives that may help to mitigate the risk of another GFC It has the potential to become an outstandingly useful forum for a wide range of stakeholders and we are hopeful that it will lead to candid yet collegiate conversations about the stewardship of our economy and the workings of the financial ecosystem as a whole.
We anticipate that the new APPG will be able to work with, be supported by, support and feed ideas and policy recommendations into: The Bank of England, The Financial Reporting Council, The Financial Conduct Authority, The Pensions Regulator, HM Treasury, The Department for Business, Energy and Industrial Strategy any other relevant bodies including other APPGs. For example, the APPG on Better Business Banking has recently led a very successful debate in the House on the activities of RBS’s Global Restructuring Group. The APPG will seek to both scrutinise and serve; thereby enabling it to have a synergistic relationship with all stakeholders – it will be the enemy of nobody and a friend to all.
What are the initial questions to be answered regarding the new APPG? The most obvious questions that come to mind are: Which parliamentarians are to be included? Which government-related agencies are to be included? Which non-governmental organisations are to be included? What can we do to secure resource and support?
Edition 22
F e b r u a r y 2 018 ...8
In relation to securing resource and support, one possibility of course is that perhaps the Bank of England, the Financial Conduct Authority, the Financial Reporting Council, the Department for Business, Energy and Industrial Strategy, the Prudential Regulatory Authority, the Pensions Regulator and HM Treasury can share the load between them, on the basis that the work of the Financial Stability APPG is so well aligned with their statutory remits. Finally, and very importantly, whilst successfully launching and securing sufficient backing for the APPG on Financial Stability will in itself be a
www.transparencytaskforce.org
tremendous achievement by our no-resource network of volunteers, we must face the harsh reality that attempting to fix a global problem with a constrained, national solution is fundamentally flawed. We must therefore go on to launch an extensive international network of similar Financial Stability forums, each funded at a national level, that will operate collaboratively and collegiately; sharing insight and intelligence and thereby helping to deliver financial stability as a public good to all the world and all its peoples.
How did the February meeting at the House of Commons go? The meeting took place in Committee Room 3, kindly made available for the Transparency Task Force by Lord Cromwell, and the feedback we have had thus far and the nature of the conversations that have taken place since have all been very encouraging indeed. This comment from Lord Lindsay sums up our initiative very nicely:
“There is universal shared interest in avoiding another global financial crisis so I am pleased to play my part in supporting the new All Party Parliamentary Group on Financial Stability. We wish to consider ideas from a wide range of stakeholders; the strongest ideas will be developed into fledgling policy proposals for consideration by regulators, government departments and so on. Hats off to the Transparency Task Force for their compelling White Paper on the topic and for suggesting the new APPG be formed.”
…and here’s another useful explanatory comment, from Baroness Sally Greengross, President of the Pensions Policy Institute:
“Greater transparency around financial transactions is a critical component to avoiding any repetition of the great crash. On a human level we need to develop far more effective values-based, rather than rulesbased, codes of conduct, that are rigorously enforced and give greater consideration to individual’s attitudes to risk and also seek to properly incorporate the ‘social capital’ element to market behaviour and reduce short-termism.”
www.transparencytaskforce.org
Various parliamentarians were in attendance and the speakers included Sir Vince Cable MP, who shared his thoughts on the GFC and what might cause the next one. As well as participating parliamentarians there was also senior representation from the Bank of England, the Financial Conduct Authority, the Financial Reporting Council, The Pensions Regulator, the Department for Business, Energy and Industrial Strategy, the Department for Work and Pensions, the TUC (Trade Union Congress) and the Government Actuary’s Department. Several members of the Transparency Task Force’s Financial Stability Team provided their insight on how the chance of another global financial crisis can be reduced:
Edition 21
F e b r u a r y 2 018 ...9
• Neil Esslemont, Head of Industry Liaison, The Pensions Regulator. • Geoff Tily, Chief Economist, TUC. • Matt Gurden, Chief Actuary, Government Actuary’s Department. • Tracy Vegro, Executive Director of Strategy and Resources, Financial Reporting Council. • Jonathan Davidson, Executive Director of Supervision, Financial Conduct Authority.
Suggested actions
• Leandros Kalisperas (Team Leader), Global Head of Pensions at Aberdeen Standard Investments.
The inaugural meeting of the APPG on Financial Stability is being planned for late April, when it will be formally constituted and its Officers elected. Between now and then we are consolidating interest, support and engagement from various parliamentarians and other key stakeholders.
• David Pitt-Watson who is internationally recognised for his thought leadership on the importance of purpose in the finance industry.
If you would like to explore how you might get involved with this initiative, regardless of where you are in the world please get in contact through:
• Markus Krebsz, Member and Chief Risk Officer for the United Nations Economic Commission on Europe’s Group of Risk Management Experts.
andy.agathangelou@transparencytaskforce.org
• Andrew Mills, Director, Insight Financial Research.
To download the White Paper in full, view photos and slides from the event, see the existing members of our Financial Stability Team and read more about this initiative you can visit these web pages:
• Ashok Gupta, Deputy Chair, BoE Working Party on Procyclicality and Chair of the PLSA’s DB Taskforce.
https://www.transparencytaskforce.org/teams-ofvolunteers/financial-stability-team/
• Steve Conley, Founder of Values Based Adviser.
https://www.transparencytaskforce.org/previousevents/house-of-commons-7th-february-2018/
• Stuart Woollard, Co-founder of The Maturity Institute.
• Dr. Roger Miles of Cambridge University. The other speakers were: • Sir Vince Cable MP, Leader of the Liberal Democrats. • Francis Evans, Assistant Director, Department for Business, Energy and Industrial Strategy.
Enormous thanks to all members of TTF’s fantastic Financial Stability Team. Andy Agathangelou, Founding Chair, the Transparency Task Force.
Edition 22
F e b r u a r y 2 018 ...10
www.transparencytaskforce.org
The Transparency Task Force Teams The teams are the Transparency Task Force’s collective response to what we see across the global financial services industry that needs to change. We firmly believe that those who can see problems, admit to them and are motivated to tackle them should collaborate to put things right. It’s in everyone’s interest to do so. The Transparency Task Force teams are less about individual experience and more about understanding the potential power of working together to drive much needed change.
Team
Focus
Banking
Improving transparency and professionalism.
Foreign Exchange
Challenging the opacity.
Market Integrity
Championing ethical practices.
Costs and Charges
Helping investors access better value for money.
Stewardship and Decision Making
Working to correct the ‘asymmetry of information’ problem.
Scams and Scandals
Raising awareness to help shut them down.
Global Transparency Index
Mutual learning to inform the Global Transparency Index.
PISCES
Purpose, Impact Investing, Sustainability, CSR, ESG and SRI.
PAM
Progressive asset managers working together.
Financial Stability
Working to mitigate the risk of another Global Financial Crisis.
Team APAC
Promoting transparency in the Asia Pacific area.
Team EMEA
Promoting transparency in Europe, the Middle East and Africa.
Team Americas
Promoting transparency in North and South America.
If you want to make your opinion count by joining our 300+ strong group of volunteer team members, contact andy.agathangelou@transparencytaskforce.org for more information and details of the monthly conference calls.
www.transparencytaskforce.org
Edition 21
F e b r u a r y 2 018 ...11
The Transparency Task Force Ambassadors While we value every member of our campaigning community, some go over and above. They are particularly aligned to our cause and, as such, are profoundly impactful for positive change. They are our Transparency Task Force Ambassadors. Name
Role
Organisation
Jackie Beard
Director of Manager Research Services EMEA
Morningstar Europe Ltd
JB Beckett
Consulting Chief Investment Officer/UK Lead
Steve Conley
Chief Executive
Stephen Davis
Associate Director and Senior Fellow
Richard Field
Director
Institute for Financial Transparency
Ralph Frank
Co-Head DC
Cardano
Ian Fryer
Head of Research
Chant West
Daniel Godfrey
Non-Executive Director
Big Issue Invest Fund Management
UK
Catherine Howarth Chief Executive
ShareAction
UK
Con Keating
Head of Research
BrightonRock Group
UK
George Kinder
Founder
Kinder Institute of Life Planning
David Knox
Senior Partner
Mercer
Markus Krebsz
Interim Chief Risk Officer
UNECE GRM
UK
Jon Lukomnik
Executive Director
IRCC Institute
USA – New York
Matthew Murray
Co-Founder
Bernie Nelson
President – North America
Centre for Business Ethics and Corporate Governance Style Research
David Pitt-Watson
Consultant
London Business School
UK
Robin Powell
Founder Professor of Law and Director, Labor and Employment Law Program
Ember Regis Group
UK
Marquette University Law School
USA
Paul Secunda Kara Tan Bhala
President and Founder
Henry Tapper
Founder Lecturer in Strategy and Corporate Governance Founder and Managing Director
Anna Tilba Eric Veldpaus
New Fund Order Consulting/ Association of Professional Fund Investors Values Based Adviser Harvard Law School Programs on Corporate Governance and Institutional Investors
Seven Pillars Institute for Global Finance and Ethics Pension PlayPen Newcastle University Business School Institutional Benchmarking Institute
Country UK UK UK USA – Boston USA – Boston UK Australia
USA – Boston Australia
USA – Washington USA – Boston
USA – Kansas UK UK Holland
Edition 22
F e b r u a r y 2 018 ...12
www.transparencytaskforce.org
Upcoming Transparency Task Force Events Please let me know if you have any interest in any of our upcoming events as a speaker, panellist, attendee or sponsor. You can contact me through andy.agathengelou@transparencytaskforce.org
Thursday 8 March: PIC, 14 Cornhill, London, EC3V 3ND The Auto-Enrolment Review, including an important update from The Pensions Regulator.
Wednesday 14 March: PIC, 14 Cornhill, London, EC3V 3ND
Thursday 24 May: venue to be confirmed A range of pension topics including an important update from The Pensions Regulator on its upcoming defined benefit consultation.
Wednesday 27 June: Scottish Widows, 67 Morrison Street, Edinburgh, EH3 8YJ A range of pensions and investment issues.
How can codes of conduct positively impact market behaviour? How can the world’s capital markets become a force for good? This event is focused on the work of TTF’s Market Integrity Team and Team PISCES.
Wednesday 11 July: Aberdeen Standard Investments, Bow Bells House, 1 Bread Street, London, EC4M 9HH
Wednesday 18 April: Hymans Robertson, 1 London Wall, London, EC2Y 5EA
A range of pensions and investment issues including an important update by The Pensions Regulator on its work on 21st Century Trusteeship.
A range of pensions topics including an important update from The Pensions Regulator on master trust regulation.
Tuesday 24 April: Orbis Investments, 28 Dorset Square, London, NW1 6QG The future of asset management.
Thursday 26 July: The CMA, Victoria House, 37 Southampton Row, London, WC1B 5HR A range of investment consulting issues including an important update from The Competition and Markets Authority on the provisional findings from its investment consultants market investigation.
www.transparencytaskforce.org
Edition 21
F e b r u a r y 2 018 ...13
Venues wanted for events in all of these locations
Amsterdam, Auckland, Beijing, Berlin, Boston, Brussels, Cape Town, Chicago, Dubai, Dublin, Frankfurt, Geneva, Hong Kong, Johannesburg, London, Los Angeles, Melbourne, Montreal, New York, Ontario, Paris, San Francisco, Santa Monica, Shanghai, Singapore, Sydney, The Hague, Tokyo, Toronto, Vancouver, Washington D.C. and Zurich. For further information please get in touch through andy.agathangelou@transoarencytaskforce.org
Edition 22
F e b r u a r y 2 018 ...14
www.transparencytaskforce.org
The Directo r y of Prcot-oTrryan fparenc o s e r i D e y Th O ragraennicsyation p s n a r T s Pro s n o i t a s i n a g r O
A business shouldn’t stand out because it’s ‘pro-transparency’, it should be the norm. If you lead a pro-transparency organisation, join those already advertising in our directory. The more firms are seen here, the more weight gathers behind our argument that transparency is a commercial virtue and not a threat. We’re happy to consider classifications beyond those shown here. Please contact andy.agathangelou@transparencytaskforce.org for more information.
www.transparencytaskforce.org
Edition 21
F e b r u a r y 2 018 ...15
ACADEMIC INSTITUTIONS Prof. Dr. Heinz-Dietrich Steinmeyer University of Muenster, Germany School of Law, Universitätsstrasse 14-16D-48143 e: steinmeyer@uni-muenster.de Muenster phone: 49-251-8329744 m: 49-171-8384816 I am a professor for Social Security Law, Labour Law and Civil Law at the University of Muenster Law School. My special field is pensions – occupational/ supplementary pensions as well as public pensions. I am doing consulting work nationally and internationally including international organizations (EU etc.). I am the Chairman of the European Network for Research on Supplementary Pensions.
AUTO ENROLMENT Steve Conley, Managing Director, Workplace Pensions Direct e: Steve.conley@wpd.email w: www.workplacepensionsdirect.co.uk t: 0113 457 4563 m: 07850 102070 Since 2015, Workplace Pensions Direct has made auto-enrolment simpler for small businesses, enabling employers to focus on running their companies without having to worry about pension law, and the cost of poor pension decisions. Workplace Pensions Direct offers an affordable, end-to-end, auto-enrolment solution that guarantees compliance with the law. With professional expertise, a century of payroll and pensions experience, and professional indemnity insurance – Workplace Pensions Direct has removed the worry and risk of autoenrolment for thousands of small businesses and their advisers.
Gavin Perera-Betts, Chief customer officer, NEST e: Gavin.Perera-Betts@nestcorporation.org.uk w: www.nestpensions.org.uk t: 020 3056 3719 NEST has been set up by the government especially for auto enrolment. We’re here to make sure that every employer has access to a workplace pension scheme that meets the requirements of the new pension rules. But we do more than just meet the regulatory minimum. NEST comes packed with the sort of high-quality features you need, whether you’re saving with us, using us for your workers or helping your employer clients.
COMMUNICATIONS CONSULTANTS Lesley Alexander, Managing Director, Ferrier Pearce e: hello@ferrierpearce.com w: www.ferrierpearce.com t: 020 3772 5360 Transparency – clarity, straightforwardness, honesty. As communications consultants, we support transparency in financial products, especially long-term savings. This applies not just to charges, but to the way we describe the products and their benefits to consumers. We believe the language we use should be clear, unambiguous and direct, helping people to make the most out of their money.
DATA SERVICES Larry McLaughlin, CEO | GSAV Ltd e: larry.mclaughlin@gsav.io w: www.gsav.io t: +44 203 655 2182 m: +44 7771 978 118 US m: x+1 646 946 5272 GSAV Ltd is Reg Tech/Fin Tech company exclusively serving the Buy-Side and delivering pricing solutions in the Collateral Lending Market to benefit Beneficial Owners and enable Managers to meet their Fiduciary and Regulatory obligations. GSAVr is a specialist pricing, tracking and regulatory tool and provides an independent price for collateral lending transactions that defines rate and use in a manner that the Regulators feels meets the test of both price and use. GSAVr is the only solution available today that addresses the current challenges of any form of collateralized lending, full price discovery and full price transparency.
Edition 22
F e b r u a r y 2 018 ...16
www.transparencytaskforce.org
David Rich MIod, CEO | Accurate Data Services e: david.rich@accuratedata.co.uk w: www.accuratedata.co.uk t: 01603 813366 m: 07919918623 David is Chief Executive of Accurate Data Services, a specialistdata quality and positive people tracing business that is focused on unclaimed assets in the financial service sectors. ADS traces lost members, clients and policy holders for a variety of organisations including Life and Pensions funds, Banks and Asset Managers. The goal is to help businesses reunite their customers / members with their assets and deliver positive consumer outcomes. David is an active campaigner for transparency and action around the large unclaimed assets issues present in the UK.
FIDUCIARY MANAGERS Ralph Frank, CEO DC (UK), Cardano e: info@cardano.com w: www.cardano.com t: +44 (0)20 3170 5910 Cardano was founded in 2000 and now has over 150 staff with backgrounds in the areas of risk management, investment management, research, actuarial and investment advisory. Cardano studies the causes and impact of risk and costs in order to significantly improve financial performance and resilience. We currently provide Investment Advisory or Fiduciary Management services to over 1.3m pension fund beneficiaries with assets totalling over £120bn.
FINANCIAL PLANNING Mike Stafford CFP, Director, Stafford Wealth Management e: mas@staffordwealth.co.uk w: www.staffordwealth.co.uk t: 01992 501601 Stafford Wealth Management was formed in 1986 to provide bespoke lifestyle financial planning and investment services to private clients. It is one of a small number of elite firms in the UK that is accredited by the Chartered Institute for Securities and Investment. Stafford Wealth Management is authorised and regulated by the Financial Conduct Authority for investment business.
INVESTMENT CONSULTANTS Marcus Whitehead, Head of Investment Consulting, Partner, Barnett Waddingham e: marcus.whitehead@barnett-waddingham.co.uk w: www.barnett-waddingham.co.uk t: 0333 11 11 222 Barnett Waddingham has grown to become the UK’s largest independent provider of actuarial, administration and consultancy services. Our total headcount is now over 850 – with offices in seven locations around the UK. The investment consulting practice provides bespoke, independent investment advice to over 360 pension schemes with assets from the millions to billions. We continue to provide the personal, quality, tailored approach that has made us successful and has led to high levels of client retention.
INVESTMENT GOVERNANCE CONSULTANTS James N Meenan, Principal | JNM Investment Governance e: james@jnmresearch.com w: www.jnmresearch.com t: +353 (0)1 687 1027 m: +353 (0)86 257 2646 JNM Investment Governance gives trustees independent coaching and support to develop strategies and techniques to stem the overwhelming resource handicap they face in discussions with investment professionals. JNM’s objective is to facilitate a constructive two way dialogue with attendant benefits for all parties.
Henrik Pedersen, Managing Partner & Co-Founder, Clerus LLP e: henrik.pedersen@clerus.co.uk w: www.clerus.co.uk t: +44 20 3356 2845 m: +44 7767 656234 We partner with pension schemes and other asset owners to review and improve investment decisions, governance and value-for-money, through independent and informed investment analysis. As a result, investment outcomes can be improved without the need to change service providers or taking on more investment risk. We offer a free initial assessment, so why not try us out?
www.transparencytaskforce.org
Edition 21
F e b r u a r y 2 018 ...17
INVESTMENT MANAGEMENT Robin O’Grady, Head of Business Development, Hawksmoor Investment Management e: Robin.ogrady@hawksmoorim.co.uk w: www.hawksmoorim.co.uk t: 01392 410180 m: 07468 697900 Hawksmoor specialises in providing high quality discretionary investment management services for private clients including trusts, pension schemes and charities. We are a privately owned business with no ties to a bank or any other financial institution. Our experienced and well qualified team of investment professionals is focused solely on providing clients with the best service and consistently good performance.
NOT FOR PROFIT Dr. Kara Tan Bhala, President & founder, Seven Pillars Institute for Global Finance and Ethics e: kara@sevenpillarsinstitute.org w: www.sevenpillarsinstitute.org t: +1(785)865-8824 (mobile) Seven Pillars Institute (SPI) for Global Finance and Ethics is an independent, nonprofit 501(c)(3), nonpartisan, organization whose mission is to highlight and analyze issues of moral philosophy in global financial markets with a view to enhancing ethical practice and policy.
PENSION ADMINISTRATION Margaret Snowdon OBE, Chairman, Pensions Administration Standards Association e: info@pasa-uk.com w: www.pasa-uk.com m: 07983 565955 The Pensions Administration Standards Association (PASA) is a not-for-profit organisation which acts as a focal point to engage with industry and government on pensions administration matters. It was created to provide an independent infrastructure to set, develop, and provide guidance on pensions administration standards. It is an independent accreditation body, assessing the achievement of good pension administration standards by schemes and providers.
RESEARCH Jackie Beard, Director of Manager Research Services EMEA e: Jackie.Beard@morningstar.com w: www.global.morningstar.com/UK Morningstar is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offers an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. Morningstar provides data and research insights on a wide range of investment offerings including managed investment products, publicly listed companies, private capital markets, and real-time global market data. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than USD $200 billion in assets under advisement and management as of 31 December 2016. The company has operations in 27 countries.
SALES & MARKETING
COLOURS CMYK C100 M88 Y0 K0 C0 M0 Y0 K0
WEALTH MANAGEMENT
COLOURS CMYK C100 M96 Y8 K5
Arno Kitts, Founder & Chief Investment Officer, Perspective Investments C0 M0 Y0 K0
e: Arno.Kitts@PerspectiveInvestments.com w: www.PerspectiveInvestments.com t: +44 20 3290 6486 Perspective Investments is a multi-asset multi-strategy investment COLOURS CMYK C100 M88 Y0 K0 manager. We invest on behalf of our clients, including our founder C0 M0 Y0 K0 family. Our commitment to our clients is to help them achieve their financial objectives. We do this by aiming to deliver higher returns with lower volatility and better capital CMYKour investment performance track record preservation than conventional equity portfolios. Of course, COLOURS while C100 M96 Y8 K5 is consistent with this aim, past investment performance is not necessarily predictive of future results. C0 M0 Y0 K0
COLOURS CMYK
THE
TRANSPARENCY
THE
TASK FORCE A collaborative campaigning community dedicated to driving transparency in financial services, right around the world.
THE
T
SYMPOSIUM
Our regular meetings where we discuss and debate all things transparency in financial services.
TRANSPARENCY I
M
E
THE
S
Our official publication, sharing news, views, insight and ideas from our global community.
TRANSPARENCY
TRANSPARENCY
T R O P H Y
How we recognise particular contributions to the transparency cause. Awarded at each Transparency Symposium and always open for nominations.
GET INVOLVED CONTRIBUTE ...
n article to the next Transparency Times. Articles of 250-1,500 words are a welcomed along with a 100-word biography, print quality head shot and logo and your Twitter handle.
ADVERTISE ......... in our Pro-Transparency Organisations Directory. ATTEND ................ our symposia to hear thought leaders and share ideas. JOIN......................... a Task Force Team: Americas, APAC, Banking, Cost & Charges, EMEA, Financial Stability, Foreign Exchange, Global Transparency Index, Market Integrity, PAM,PISCES, Scams & Scandals and Stewardship & Decision Making.
SPEAK OUT ........ and share your Transparency Statement. Just complete the sentence ‘I believe there ought to be higher levels of transparency in financial services because…’
SHARE .................... books and research (whether you read it or wrote it) in Recommended Reading. For all enquiries please contact andy.agathangelou@transparencytaskforce.org
The Transparency Times is brought to you free by the Transparency Task Force. To submit an article, request an advertising rate card, provide feedback or for any enquiries please contact
andy.agathangelou@transparecytaskforce.org or +44 (0) 7501 460308 Transparency Task Force Ltd, Registered in England 09698368.