20 th September 2018, Newgate Communications, Sky Light City Tower, 50 Basinghall Street, London.
Welcome to on “Time for Transparency: It must never happen again! How can we reduce the chance of another financial crisis?” Alistair Kellie, Managing Partner, Newgate Communications
Welcome to on “Time for Transparency: It must never happen again! How can we reduce the chance of another financial crisis?” Andy Agathangelou Founding Chair, Transparency Task Force Mobile: +44 (0)7501 460308 andy.agathangelou@transparencytaskforce.org
About • We are the collaborative, campaigning community, dedicated to driving up the levels of transparency in financial services, right around the world • We believe that higher levels of transparency are a pre-requisite for fairer, safer, more stable and more efficient markets that will deliver better value for money and better outcomes • Furthermore, because of the correlation between transparency, truthfulness and trustworthiness, we expect our work will help to repair the reputational damage the sector has been suffering for decades Mobile: +44 (0)7501 460308 andy.agathangelou@transparencytaskforce.org
About mission • We are an informal but increasingly influential forum of ethically- minded people that care about the financial services sector and the people it serves • We are collaborative, collegiate and consensus-building; focusing on solutions not blame • We believe the financial ecosystem is profoundly important to the wellbeing of society, the global economy and political stability; but there’s a great deal wrong with it that needs fixing ➢ Our mission: “To help Fix Financial Services by harnessing the transformational power of transparency” Mobile: +44 (0)7501 460308 andy.agathangelou@transparencytaskforce.org
helping What is to fix? • The Trust Deficit • Asymmetries of information • The Engagement Deficit • Regulatory Capture (USA?) • Scams and scandals • The Understanding Deficit • Hidden costs • A ‘profit before principle’ mindset • Hidden risks • Reputational damage • Opportunistic opacity • Conflicts of interest • Opportunistic obfuscation ➢ Financial instability • Opportunistic complexity • Malpractice; lack of market integrity • Short-termism • Harmful incentive structures • Inadequate client-centricity • Miss-selling; and so on ➢ How? - by shining a light into the darkness ➢ “ Sunlight is said to be the best of disinfectants; electric light the most efficient policeman ” (Louis D. Brandeis, Other People’s Money and How the Bankers Use It, 1914) Mobile: +44 (0)7501 460308 andy.agathangelou@transparencytaskforce.org
strategy for driving change: Our Strategy for Driving Change is all about bringing togethor two groups of people: #1, those with a sense of passion & purpose about what needs to be changed; #2, those with the power & position to make change happen We do this in many ways, for example through our Transparency Symposia; and through our Special Events Here’s three very good examples of our Special Events: Mobile: +44 (0)7501 460308 andy.agathangelou@transparencytaskforce.org
• 12 th September 2016 at the Houses of Parliament ‘ The First Transparency Strategy Summit in the World’ ‘ The primary purpose of the first Transparency Strategy Summit in the world is to begin to build consensus on the best way to protect the interests of the UK’s pensions -saving public through full disclosure on all the costs and charges they are paying but not being told about’.
• 26 th June 2017 at the Houses of Parliament ‘ Launch of the TTF Banking Team’s White Paper on Current Accounts’ ‘Sensible recommendations about the lack of transparency around charges for Free-If-In- Credit personal current accounts’
• 7 th February 2018 at the Houses of Parliament “ Ideas to help reduce the chance of another Global Financial Crisis” ‘A special meeting at which we presented our White Paper on the topic and initiated the launch of a new All Party Parliamentary Group on Financial Stability’; the inaugural meeting is on 23 rd May
Founding Members of The APPG on Financial Stability • Anneliese Dodds, Member of Parliament for Oxford East • Jonathan Reynolds, Member of Parliament for Stalybridge and Hyde • Jim Fitzpatrick, Member of Parliament for Poplar and Limehouse • Jim Shannon, Member of Parliament for Strangford • Lee Rowley, Member of Parliament for North East Derbyshire • Mark Garnier, Member of Parliament for Wyre Forest • Neil Gray, Member of Parliament for Airdrie and Shotts • Paul Masterton, Member of Parliament for East Renfrewshire • Rt Hon Dame Margaret Hodge, Member of Parliament for Barking Mobile: +44 (0)7501 460308 andy.agathangelou@transparencytaskforce.org
Founding Members of The APPG on Financial Stability • Rt Hon Liam Byrne, Member of Parliament for Birmingham, Hodge Hill • The Baroness Altman CBE • The Baroness Bowles of Berkhamsted • The Baroness Falkner of Margravine • The Baroness Greengross OBE • The Earl of Lindsay • The Lord Bird MBE • The Lord Sharkey • The Rt Hon. Frank Field , Member of Parliament for Birkenhead • The Rt Hon. The Lord Lamont of Lerwick Mobile: +44 (0)7501 460308 andy.agathangelou@transparencytaskforce.org
Suggested 1 st Draft for the APPG ’s Statement of Purpose: The APPG on Financial Stability’s Statement of Purpose is: “ To respond to the universal shared interest in avoiding another Financial Crisis by providing a helpful forum for parliamentarians to work cross-party, developing fledgling policy initiatives to buttress the resilience of our financial system; supported by participation from industry, academics, experts, think tanks, civil society, campaign groups and regulators. ” 13 Mobile: +44 (0)7501 460308 andy.agathangelou@transparencytaskforce.org
What do you see? Mobile: +44 (0)7501 460308 andy.agathangelou@transparencytaskforce.org
Today’s Programme: 11:00 Registration, refreshments & networking 11:30 Preliminaries: - Welcome to Newgate Communications and the symposium; by Alistair Kellie, Partner, Newgate Communications - About the Transparency Task Force and the new APPG on Financial Stability; by Andy Agathangelou, Founding Chair, Transparency Task Force 12:00 Presentation by Professor Charles Goodhart, Director of the Financial Regulation Research Programme, The London School of Economics and Political Science Mobile: +44 (0)7501 460308 andy.agathangelou@transparencytaskforce.org
Today’s Programme continued 12:30 Power Panel #1, featuring: - Gavin Starks, Founder, DGen - Michael Kumhof, Senior Research Advisor, The Bank of England - Stuart Woollard, Council Member at The Maturity Institute - Will Price, Global Pensions Consultant - Alistair Kellie, Managing Partner, Newgate Communications 13:15 Lunch and networking 14:05 Team photo ☺ Mobile: +44 (0)7501 460308 andy.agathangelou@transparencytaskforce.org
Today’s Programme continued 14:15 The Tragic Comedy Sketch; a semi-serious message wrapped in something that's a tad funny. If you find yourself thinking whilst laughing then it's worked! Featuring: - Gavin Palmer, Campaigner, ShareSoc Private Investor Member - Robert Mitchell, Campaigner, RBS Resolution GRG Campaign Group 14:45 Presentation of the Transparency Trophy – who’ll be this symposium’s winner? 15.00 Power Panel #2 Featuring: - Matt Mayer, Co-founder, Economy for the Common Good - Neil Esslemont, Head of Industry Liaison, The Pensions Regulator - Geoff Tily, Senior Economist, the TUC - Tom Burgess, Executive Director, Progressive Policy Unit Mobile: +44 (0)7501 460308 andy.agathangelou@transparencytaskforce.org
Today’s Programme continued 15:45 Refreshment and networking break 16:15 The Great Big Open Debate featuring: - Stephen Clapham, Founder, Behind the Balance Sheet - Simon Hill, Chief Investment Officer, Investment Consulting, Buck - Marti Gorm Pedersen, Founder & CEO, RequirementONE - + - + 16:55 Key conclusions, wrap up to the formal part of the proceedings ➢ What are the risks to financial stability that we have identified? 17:00 Drinks, nibbles and networking through to 18:30, courtesy of Newgate Communications Mobile: +44 (0)7501 460308 andy.agathangelou@transparencytaskforce.org
But before we go any further … Many thanks to today’s sponsor: Mobile: +44 (0)7501 460308 andy.agathangelou@transparencytaskforce.org
Time for a very quick “Straw Poll” • Who thinks there is going to be another serious crash at some time? • Who thinks more can be done to help prevent one from happening? • Who thinks the fundamental issues behind the last crash still apply? Mobile: +44 (0)7501 460308 andy.agathangelou@transparencytaskforce.org
Professor Charles Goodhart, Director of the Financial Regulation Research Programme, The London School of Economics and Political Science Mobile: +44 (0)7501 460308 andy.agathangelou@transparencytaskforce.org
The GFC: What happened and will it happen again? By C.A.E. Goodhart Financial Markets Group, London School of Economics 22
Prelude to the Crisis It is not possible to predict the exact timing of any crisis, but it should have been possible to appreciate the vulnerability of the financial system. Only a few did (Rajan). So self- flagellation amongst macro-economists. But do not forget the NICE years, 1992-2007. Great Moderation. 23
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