How can we accelerate the rebuilding of trustworthiness and confidence in financial services?

Executive Summary

We are initiating a global push for transformational reform to help rebuild trust and confidence in financial services.

While the causes may be varied and debated,  there is consensus that the trust deficit costs the finance industry dearly in lost revenues.This trust deficit is a problem for government and policymakers around the world; and the sector itself would benefit enormously if it were trusted.

The UK has the lowest savings ratio since records began in 1963, (UK Office of National Statistics), equating tolost business for banks, pension companies, asset managers, financial planners and impacting the whole value chain. 

It is clear that the trust deficit is a problem for all stakeholders and our call for collaboration on the TTF initiative is well-received everywhere we go; there have been special meetings in Europe the US, the Far East and Australia.

The Transparency Task Force is working to help deal with these issues, despite severe resource constraints. We are “punching well above our weight”.

We are:

  • Initiating and facilitating “a global conversation” about the trust deficit
  • Bringing togethor all types of stakeholders including:
    • Politicians
    • Policymakers
    • Financial regulators
    • Leaders from financial trade bodies
    • Leaders from professional associations
    • Academics, thought leaders and think tanks
    • Pension schemes and their trustees
    • Fiduciaries
  • Plus: senior representatives from commercial organisations and corporate entities: for-profits are also key stakeholders in the project. We cover all sectors including banking, insurance, pensions, asset management, investment, private equity, hedge funds, foreign exchange, wealth management, financial planning, and Fintech. Running special meetings around the world in every major financial centre to build a global network of like-minded people who want to be part of the solution
  • Identifying and engaging with the 1,000 VIPs that, in effect, govern the way the financial system operates
  • Harnessing the goodwill amongst motivated people around the world, who are volunteering to play their part.
  • Working in a collaborative, collegiate, consensus-building and coordinated way, internationally    
  • Creating “A Framework for Finance Reform” based on“the 12 Finance Development Goals” each addressing an underlying  problem, to bring about transformational change.
  • Publishing an annual book which establishes the methodology through which we can collectively drive the change that is needed

Why is this project so important?

It is widely accepted that the public at large, right around the world, are becoming increasingly distrusting of society’s once-respected institutions. This is a problem on many fronts, including financial services, particularly since the Global Financial Crisis. 

The financial sector has to be trusted to function succesfully.

According to The Edelman Trust Barometer, the banking and financial services sectors are routinely ranked as the least trustworthy of all industry sectors. Many believe that we are in the “last chance saloon” as far as the public’s perception of the financial services sector is concerned.

There is a real danger that the persistent drip of adverse publicity caused by persistent malpractice, malfeasance and miss-conduct is leading  to a point of no return whereby, the situation may not be salvageable.

Despite the warning signs, here has never  been, until now, a concerted international effort involving key stakeholders to seriously attack the problem.

Project Overview

The project is about systemically managing out the global trust deficit in financial services.

The trust deficit is a systemic problem casting a long shadow over the financial services sector, preventing it from realising its true potential as a force for good in society. The trust deficit impacts the commercial success of the sector and affects everybody including policymakers, regulators and financial services companies. 

People that do not trust do not engage; people that do not engage are less likely to understand; people that do not understand are less likely to buy.

Whether seen from an altruistic or commercial perspective, it is clear that this is a problem that needs taking care of.

What is the project NOT about?

This initiative is NOT about pointing fingers or attributing blame for what has happened in the past. This is not about “banker-bashing”.

We are future-focused; we refer to the past to learn lessons from it. However, the emphasis is on creating a safe environment where we can have candid conversations about working together to create a better future for the financial services sector and society as a whole.

We need to collectively display the honesty, maturity and integrity, recognising where we are on the trust-rebuilding journey and exploring how to reach our objectives.

There really is a problem

The trust deficit is recognised as a serious and systemic problem that adversely impacts everybody. The trust deficit is a lose/lose for all stakeholders and our international project is an intelligent response to the situation.

The financial services industry was built on the premise that it could be trusted: the term ‘credit’ is derived from the Latin ‘credere’, literally meaning ‘belief in.’

However, according to the annual Edelman Trust Barometer, the banking and financial services sector is routinely rated as the least trusted of all sectors, as shown in the slide below. 

A recent survey conducted by PwC found that 57% of respondents believed that reforms to regulation implemented since the Global Financial Crisis were not enough to guarantee that history would not repeat itself.[1]

See this link:

Trust and confidence in financial services on the part of all stakeholders including politicians, policymakers, regulators, industry and consumer bodies, businesses small and large, and of course consumers themselves, is integral to the prevention of future systemic crises as well as the safe, stable and efficient workings of the financial system on a day-to-day basis.

Trust is not just the first line of defence in the resilience of our financial system; it is the very oxygen on which its survival and viability depends.

There is a dangerous disconnect between a sector that depends on trust to function correctly and a sector that behaves in a manner that consistently leads to distrust.

The Transparency Task Force recognises that there is a need for a financial services industry that is transparent, truthful and trustworthy and can be relied upon to deliver fiduciary responsibility for all stakeholders.

Despite this, there does not appear to be a masterplan to tackle the problem; To address this troubling void. we have embarked on a major international effort to provide what is missing and help drive the change that is needed.

With the right mission-led people,  a profound sense of purpose and a clear plan we have a chance of making a worthwhile difference.

[1] Stylianides, G. ‘Stand out for the right reasons- How financial services lost its mojo- and how it can get it back.’ PwC. Available at: (25 August 2018).

Our White Paper and Supporting Videos



We are very grateful to

for working with us so supportively to produce the special White Paper on “How can we accelerate the rebuilding of trust and confidence in financial services?”  which can be downloaded here: 

The White Paper on “How can we accelerate the rebuilding of trust and confidence in financial services”
Adobe Acrobat document [6.6 MB]

…and also for producing these videos, filmed at our London 16th May symposium, kindly hosted by Newgate Communications. 

Thank you also to all the participants for providing great input through the video interviews.


Video 1:

Video 2:


We are also very grateful to 


for producing this video that so succinctly explains this issue we are dealing with.


Video link:

About “the book that is much more thank just a book”

We can think of the trust deficit as a festering sore on the face of financial services; and it’s a sore that hasn’t yet been properly treated.

The purpose of our project is to treat that sore.

Our project will be built around the creation of a book; but the book will be much more than just a book. It will be the methodology through which we design, develop and apply the treatment that is necessary.

The book will be refreshed each year and will operate as a complete and ever-evolving framework for finance reform through which we can collectively drive the change that is needed.

The title of the book will be:


Why we need to accelerate the rebuilding of trust and confidence in financial services; and how we can do it


This is a truly pioneering project:


We intend that the book and the major international project that it is the heart of to be highly impactful; what we are doing could lead to long-lasting transformational change that would represent a major breakthrough for the financial services sector.

This will be the first ever serious attempt to initiate and facilitate a global conversation around how we can accelerate the rebuilding of trust and confidence in financial services.

This will be the first ever serious attempt to build a global network of dream-team subject matter experts for the purpose of aggregating their collective thought leadership to help deal with the trust deficit.

This will be the first ever serious attempt to drive positive, progressive and purposeful finance reform through the conception, development and application of the Finance Development Goals.

This will be the first ever serious attempt to create a Scientific Committee of leading academics around the world with unparalleled collective credibility; who will work collaboratively to create a framework for finance reform based on their Formal Recommendations.

This will be the first ever serious attempt to define and engage with the world’s 1,000 most influential people that, in effect, govern the way the financial system works. Over time, we hope and expect more and more of the 1,000 to become increasingly involved in this initiative – we will be systematically converting the 1,000 from being the target market for our collective creativity to becoming active participants in the change management process that we are driving.

Now for some detail on each of the chapters:

We believe it necessary to have a highly inclusive and consensus-based approach to developing and implementing the solution. Anything else would not achieve the buy-in necessary and therefore would not represent a sustainable solution. It follows that we will need to have many people and organisations involved and these participants will be required to participate on a voluntary basis.

It is therefore wholly appropriate that we show appreciation for the contributions by all involved and properly attribute their highly valuable and much-appreciated input. This in itself will encourage the participation of others; and that’s a vital thing to do for a book that will be refreshed each year and seek input from an ever-increasing community of participants.

We will be fully recognising all support given whether that be by way of written content, operational support, project management support, technical input, sponsorship, guidance and so on.

We will ensure that the book will be seen to be a team effort because that’s exactly what the whole initiative is.

This chapter will set out what we see to be the critical success factors necessary to create a sustainable solution, namely:


  • Inclusivity is key; because it is the entire sector that needs to change so all aspects of it should be involved in determining what needs to change and how that change should happen. It follows that market participants, politicians, regulators, relevant government departments, think-tanks, campaign groups, trade bodies, professional associations, members of the public and so on should all be invited to participate in the development and implementation of the solution;


  • The approach taken should be collaborative, co-operative, collegiate and consensus-based; because it makes sense for all involved to feel comfortable working together in a constructive and non-partisan way. Only a solution that has a broad base of support is likely to succeed in a sustained manner. All participants are on the same side; and against the trust deficit and the causes of the trust deficit; so, it should feel that way;


  • Remedies must be future-gazing; we need to look forward. Whilst we know we can learn from the past and we know the failings of the past will guide how we move forward, the “time to mourn” is over. It is all about the future now and we must look into the future with a sense of possibility, positivity and promise;


  • The focus should definitely include the pensions and investments sector; because according to the Office of National Statistics, the UK is experiencing the lowest savings ratio since records began way back in 1963 and surely the trust deficit and the disengagement it creates must be a part of the problem. Furthermore, it is known that pension policymakers and financial regulators around the world are particularly concerned with what can be done to help avoid mass pensioner poverty in the future. Rebuilding trust is clearly part of that solution so the “pension crisis” and “the savings gap” are the most obvious burning platforms to be resolved;


  • A steady pace to reform will be crucial; because whilst everybody would like the trust deficit to be solved quickly it would be wholly unrealistic to expect that to happen. The problem is too big and too complex for a quick fix. This is going to be a marathon, not a sprint so it is vital that we build a framework for finance reform that has longevity and adaptability hard-wired in to the design;


  • We must accept that the challenge is complex, multi-faceted and has many root causes; we will need to develop “a whole-system solution” because we are dealing with “a whole-system problem.”

This chapter will explain that our work goes far beyond just describing the problem and considering how it can be solved; it actually moves onto initiating and managing change.

This approach requires a strategy for driving change; and the Transparency Task Force has had an effective strategy for driving change that we have been using to very good effect since we began to operate in May 2015.

The Transparency Task Force strategy for driving change is all about bringing together the thinking of two very important groups:

 – #1, those with a sense of passion & purpose about what needs to change; such as the members of the Transparency Task Force Special Interest Groups and the Transparency Task Force Ambassadors

– #2, those with the power & position to make change happen; such as the politicians, policymakers, regulators, leaders of key trade bodies and professional associations, leaders of key commercial organisations and so on.

The book and the project as a whole are an embodiment of that strategy for driving change.

To attract and engage with the people necessary for our strategy for driving change to work we are doing 3 things:

1. Drawing on the vast existing network of Transparency Task Force members; including the 725 members of our 22 Special Interest Groups and our 117 Ambassadors. This network has been carefully built over the last 4 years and continues to grow quickly.

To see the members of our 22 SIGS you can download the spreadsheet available on this page:

To see the Transparency Task Force Ambassadors, see this page:

2. Running special meetings around the world;

These special meetings are already underway, and they are proving to be highly successful. As well as strengthening the relationships we have with our existing members around the world who participate in the meetings we are also actively meeting new people and recruiting new members including individuals that will make excellent subject-matter experts and thereby play a key role in providing thought-leadership content for the book as explained later; and also, members of the Scientific Committee as explained later.

The special meetings are taking place in the major financial centres around the world. The slide below shows the programme of meetings for 2019; a similar programme will be created for 2020 and each year thereafter – the project will continue to evolve and build momentum year after year; this will be a marathon not a sprint. 

Our special meetings are dedicated to the question:

 “How can we accelerate the rebuilding of trust and confidence in financial services?”

In effect, we are using that question to initiate and facilitate a global conversation about the Trust Deficit and what can be done about it. A great deal of thought has gone into crafting that question:

  • The question is very deliberately future-orientated; we must learn from the past but not live in it – the project is not about apportioning blame
  • The question is very deliberately solution-orientated; we avoid the temptation to just pose the question – we want real, workable answers
  • The question is very deliberately palatable to all stakeholders such as politicians, policymakers, academics, regulators, thought-leaders, subject-matter experts, progressive market participants, trade bodies, professional associations and so on
  • The question is very deliberately able to function as a gateway through which dialogue can move into the underlying causes of the trust deficit. This is extremely important because only by dealing with the underlying causes of the trust deficit can we hope to truly cure the problem as opposed to just treating the symptoms.

As well as helping to attract new participants our meetings are already proving highly valuable as a means through which we can evolve and stress-test our thinking. At each meeting we articulate the latest iteration of our plan but far more importantly we attentively, actively and authentically listen to the open discussion and debate that we facilitate; encouraging consensus-building as we go. We are in effect helping to “crowd-source” the thought leadership that is needed.

We are truly delighted by the quality of the input already provided and how our solution-orientated collective consciousness is taking shape; our meetings are working very well.

3. Defining and reaching out to the 1,000 most influential people around the world that in effect govern the way the financial system works;

These individuals are the “power and position” group for whom the book has been especially written; they will be individually told that as the initiative advances. They are key actors in the change management process that we are driving; they hold the keys to the door through which the financial services industry needs to pass. Without their active engagement and support the change we want to see cannot happen.

The 1,000 will include politicians, policymakers, regulators, the leaders of the major trade bodies, the leaders of the professional associations and the leaders of the major commercial organisations be they banks, asset managers, insurers and so on.

The book is a clarion call for engagement to that group. We will be personally reaching out to each and every one of them to invite them into dialogue – this is happening already, and it is working.

The more of the 1,000 we succesfully engage with, the easier it will be to get engagement from others because there will be a “tipping point dynamic” whereby the more influential people that get involved the more compelling it will be for others to follow.


We do not need all 1,000 to get involved; we deem that if we get supportive engagement from 15% of the 1,000 we will be able to drive transformational change because we will be able to aggregate and multiply their individual and collective influence.

We believe that if we are able to mobilise just 15% of “those with the power and position” we can make a real and lasting difference. Note that our thinking around the “15%” has been inspired by the work of Gary Haugen of the International Justice Mission who observes informally that most public justice systems around the world follow a 15-70-15 principle. 

We are applying that principle in the belief that:

  • 15% of the 1,000 will be inherently apathetic towards the idea of system change, so they will not engage regardless of what we do
  • 15% of the 1,000 will be highly predisposed to engage; they are individuals that will help lead the charge. We will be seeking to engage with the 15% of the 1,000 that have latent potential to want to be part of the solution but may currently be passive in the context of driving finance reform (despite their power and position to do so). We do not believe they will need to be persuaded i.e. they will already have a predisposition to want to help; they just need to be shown how they can.
  • 70% are influenceable and will be responsive over time to what we and the “early adopter” 15% think and do. 

Over time therefore, we have the potential to mobilise 15% + 70% = 85%

If we manage to do that it will mean we have 150 powerful and well-positioned people around the world that can act as catalytic agents for change; thereby unlocking a treasure-chest of powerful potential goodwill through the 70%

As explained later, the individuals within the 1,000 will be updated year by year as part of a systematic approach to ensure we harness the full potential power of “those who have the power and position.” 

The 1,000 will include leaders of organisations such as these in the UK:


  • The Financial Conduct Authority
  • The Pensions Regulator
  • The Department for Work and Pensions
  • The Competition & Markets Authority
  • The Bank of England
  • The Financial Reporting Council;

Professional Associations such as

  • The Institute of Actuaries
  • The Pensions Management Institute
  • The Institute of Chartered Accountants in England and Wales
  • The Chartered Financial Analysts Institute
  • The Personal Finance Society

and many more;​

  • The Pensions and Lifetime Savings Association
  • The Investment Association
  • The Tax Incentivised Savings Association
  • UK Finance

and many more;

Civil Society Groups such as –

  • The Royal Society of Arts
  • The Friends Provident Foundation

and many more;

The 1,000 will also include UK Parliamentarians with a known interest in the financial services sector such as:

  • Baroness Ros Altmann
  • Tom Tugendhat MBE MP
  • Frank Field MP
  • Lord Cromwell
  • Lord Lindsay
  • Lord Turner
  • Lord Lamont
  • Lord Lawson
  • Alistair Darling
  • Gordon Brown MP

and many more;

The corresponding individuals/organisations in other countries around the world will be included; Getting to 1,000 is therefore not an unachievable figure because of the truly international nature of our project.

Furthermore, we will also be reaching out to leaders of major international organisations such as:

  • The IMF
  • The OECD
  • The World Bank
  • The Bretton Woods Committee
  • The United Nations Global Compact

this process has already started, and we believe that having the active support of just one of these organisations will be immensely significant.

The names, job titles and organisations of the 1,000 will be listed in the Appendix; and please note that we will be seeking for at least 40% of the 1,000 to be female because we are determined to help ensure the female perspective is properly included.

The book and the project as a whole are an embodiment of the way in which we will bring together the thinking of the “passion and purpose” group and the “power and position” group. By doing so we are building an international community of all types of stakeholders willing and able to work on the trust deficit in a planned and coordinated manner.

The Problem Statement will give an Evidence-Based account of what the Trust Deficit is, its causes and consequences.

The characteristics of the financial services sector and the behaviour within it that leads to distrust include:

  • Hidden and excessive costs
  • Hidden and excessive risks
  • Opportunistic opacity
  • Opportunistic obfuscation
  • Short-termism
  • Insufficient client-centricity
  • Scams and scandals
  • Regulatory capture
  • Irresponsible reward systems
  • A ‘profit before principles’ mindset
  • A ‘money before morals’ mindset
  • Conflicts and misalignments of interest
  • Excessive lending and gearing
  • Disingenuous communications
  • Financial instability
  • Weak governance
  • A lack of market integrity
  • A lack of values-based leadership
  • Malpractice, malfeasance, misconduct and miss-selling

Clearly, there are many causes to the trust deficit and the causes are complex and interconnected. Dealing with any of the issues in isolation won’t work; we believe that only a whole-system solution can fix a whole-system problem; and the solution needs to be both systemic and systematic.

The Vision Statement is where we “Dare to dream” of what it would be like if there were to be a transparent, truthful and trustworthy financial services sector. In this chapter we will articulate a deliberately utopian view that will help us envision what it will mean for society if trust and confidence in financial services was fully restored; we think it would make a profoundly positive difference.

By showing the comparison and contrast between the Problem Statement in Chapter 4 and the Vision Statement in Chapter 5 will give the book and the project as a whole a natural sense of direction and momentum. 

The project as a whole is about creating a framework for finance reform; and at the heart of that framework for finance reform are the Finance Development Goals (FDGs).

Each of Chapters 6 to 17 will be dedicated to a Finance Development Goal and within each of those chapters there will also be Formal Recommendations for Change.

There are 12 Finance Development Goals (FDGs) and each one is focused on a root cause of the trust deficit. Each FDG is to be developed by the subject-matter experts from around the world that we are recruiting into the project; there will be a separate group of subject-matter experts for each FDG (and there will be some subject-matter experts involved in more than one FDG).

Here’s a list of the FDGs with an accompanying quotation to indicate the topic they cover:



“The supreme quality for leadership is unquestionably integrity. Without it, no real success is possible, no matter whether it is on a section gang, a football field, in an army, or in an office.” 

 – Dwight D. Eisenhower

 This FDG covers topics such as:

  • Virtues-based and values-based leadership
  • Why we must deal with the “leader’s dilemma” problem, to unlock the potential for major transformational change
  • Moral Quotient
  • The insights of Adam Smith’s work on moral sentiments
  • The insights of Alexandre Havard on virtuous leadership



“Ethics is knowing the difference between what you have a right to do and what is right to do.”

 – Potter Stewart

 This FDG covers topics such as:

  • Competence
  • Ethics
  • Values
  • Professionalism 
  • “Principle before profit”
  • “Morals before money”
  • Fairness
  • The need for a cultural transfusion
  • Values-based leadership
  • Why we must deal with the “leader’s dilemma” problem, to unlock the potential for major transformational change
  • The use of Moral Quotient
  • Diversity and Gender
  • Mandating for higher standards of conduct
  • The effective use of oaths, codes of conduct, standards boards and pledges 
  • Trade Bodies and Professional Associations to realise their potential role as cultural architects
  • Individual, Organisational and Market Integrity
  • Encourage diversity of ownership structures such as Mutuals, Coops and FairShare
  • Why it is so important that individuals think for themselves and don’t “follow the herd” despite the potential career risk consequences of doing so
  • Having metrics to measure, monitor and manage trust



“Sunlight is the best of disinfectants; electric light the most efficient policeman”

 – Justice Louis Brandeis

This FDG covers topics such as:

  • The need for transparency on costs & charges
  • The need for transparency on any risks the client may be exposed to
  • The need for transparency on performance metrics
  • The need for transparency on the agenda and motivations of actors
  • The development of a Global Transparency Index
  • Why is transparency in and of itself necessary but not sufficient?
  • What are the limitations and potential pitfalls of having too much of “the wrong type of transparency” and “unconstrained standardisation”?
  • Decision-making being underpinned by relevent and reliable data
  • Benchmarks and indices being free of bias and distortion
  • Credit Rating Agencies being fit for purpose



“Computers are useless. They can only give you answers.”

 – Pablo Picasso

This FDG covers topics such as:

  • How “technology is a friend of transparency” and why it should be fully utilised
  • Harnessing the inherent advantages and efficiencies provided by technology 
  • The enormous potential for Fintech, Blockchain, Smart Contracts, AI, greater Interoperability and evolutions thereof to radically improve the integrity of the system
  • The scope for technology to reduce operating friction and the sector’s higher-than necessary costs, thereby protecting consumers from excessive friction costs that worsen outcomes e.g. they corrode investment returns
  • Making good use of technology to provide person-specific data; for example, through data dashboards dealing with pensions and investments contextualised with individual-specific planning goals
  • The potential risks of over-reliance on technology and inadvertently absorbing systemic risks into the ecosystem; particularly through inadequate cyber security



“Good governance is the art of putting wise thought into prudent action in a way that advances the well-being of those governed.” 

 – Diane Kalen-Sukra

This FDG covers topics such as: 

  • Accountability
  • Compliance
  • Regulatory reform
  • Firm and consistent enforcement of the rules; with adverse publicity for rule-breakers, thereby creating an effective deterrent 
  • The vital role of effective accounting, auditing, financial reporting and credit rating
  • Custodianship
  • Stewardship of capital; such that the world’s capital markets can operate as a force for good
  • Encouraging greater inclusion and diversity
  • Developing an “International Regulatory Master Plan”



“Good design is like a refrigerator—when it works, no one notices, but when it doesn’t, it sure stinks.”

 – Irene Au

This FDG covers topics such as:

  • Products to be engineered to a high standard
  • Products to be fit for purpose
  • Products to be free of fundamental flaws
  • Product Accreditation
  • Transparency Accreditation
  • Providing value for money



“The single biggest problem in communication is the illusion that it has taken place.”

 – George Bernard Shaw

This FDG covers topics such as:

  • Presenting data and information clearly and intelligibly
  • Encouraging greater consumer engagement wherever possible
  • Seek to minimise the amplification of adverse publicity through active PR and Reputation Management
  • Asymmetries of information to be minimised
  • Use of Simple Benefit Statements
  • Asymmetries of information to be minimised
  • Use of Simple Benefit Statements
  • Communicating with integrity, credibility and authenticity



“When you are inspired by some great purpose, some extraordinary projects, all your thoughts break their bonds; your mind transcends limitations; your consciousness expands in every direction; and you find yourself in a great new and wonderful world. Dormant forces, faculties and talents become alive and you discover yourself to be a greater person by far than you ever dreamed yourself to be.”

 – Patanjali

This FDG covers topics such as:

  • Impact Investing
  • Sustainability
  • Climate Change
  • ESG
  • Socially Responsible Investing
  • Social Finance
  • Social Stock Exchanges



“Show me the incentives and I’ll show you the outcome”

 – Charlie Munger, Berkshire Hathaway

This FDG covers topics such as:

  • Responsible Reward
  • Fully account for human nature and “what’s in it for me?” mindsets
  • Manage out conflicts of interest where possible; fully disclose where not
  • Alignment of Interests; dealing with the “Principal-Agent Problem.”
  • Use fee and payment structures that align interests wherever possible
  • Alignment of goals, returns and risks 
  • Adopt Fiduciary Duty, Duty of Care and Best Interests thinking



“Remember when nurses, carers, teachers and students crashed the stock market, wiped out banks, took billions in bonuses and paid no tax? No, me neither.”

 – Fuad Alakbarov

This FDG covers topics such as:

  • Minimising the risk of systemic market failures that lead to severe shocks to the system



“To not do what you can to protect someone, that’s cowardly.”

 – Jodi Lynn Anderson

This FDG covers topics such as:

  • Minimise the risk of fraud and scams
  • Properly support and care for those that have been scammed
  • Be alert to policy failures that expose consumers to risk of harm e.g. pension freedoms
  • Financial Consumers’ Bill of Rights
  • Use litigation to provide redress and proactively drive changes in market practice
  • Encourage and facilitate worry-free whistleblowing
  • Safeguard data integrity
  • Develop resilient and robust Cyber Security
  • Get the administration right – strive for operational and administrative excellence
  • Proactively seek to repair damage when it is done; problems will inevitably arise; and mistakes will inevitably happen
  • The vital role that can be played by more and better financial education to boost financial literacy for consumers, mitigate the risks associated with asymmetries of information and help prevent miss-selling to the vulnerable



“Not taking risks one doesn’t understand is often the best form of risk management”

 – Raghuram G. Rajan

This FDG covers topics such as:

  • The need for transparency on any risks the client may be exposed to
  • The need for transparency on performance metrics
  • The need for transparency on the agenda and motivationsof actors




Each of these FDG Chapters will be a collection of thought-leadership essays written by relevent subject-matter experts.

Their essays will be a response to a tailored FDG-specific question. Here are some examples, showing that the stem of the question is the same for each FDG, but the ending is adapted according to which FDG is being dealt with:

  • “How can we accelerate the rebuilding of trust and confidence in financial services through greater transparency?
  • “How can we accelerate the rebuilding of trust and confidence in financial services through creating a client-centric culture?
  • “How can we accelerate the rebuilding of trust and confidence in financial services through governing well?” and so on.

In addition, each of these FDG chapters will also have a set of Formal Recommendations written collaboratively by members of The Scientific Committee. The Formal Recommendations will be addressed to the Special 1,000 and they will be invited to respond to the recommendations i.e, they will be invited to report on their thoughts about the recommendations in the following year’s edition.

Through the reporting back process, we will be able to shine a bright light on who has done what in response to the formal recommendations made by the Scientific Committee; and thereby create a sense of transparency, responsibility and accountability amongst the 1,000. It is this process of engagement that will mean the Formal Recommendations are much more than just sterile suggestions; they will be fertile dialogue that will yield fruit in the form of change.

The ongoing interaction and engagement between those with “the passion and purpose for change” and those with the “power and position to make change possible” through the writing, reading and responding to the thought leadership essays by the subject-matter experts and the formal recommendations by the Scientific Committee will be the engine that drives the change that is needed.

The Scientific Committee will be carefully selected; it will be a “Dream Team” of highly respected individuals; and acting as a group they will be too credible to be ignored by the 1,000 we are seeking to engage with. The Scientific Committee will have technical and governance oversight of the book and the project as a whole.

The Conclusions and Next Steps chapter will consolidate the overall message from the book which is that through the application of a systematic and comprehensive approach to driving change we can co-create a solution that “acts like a sat-nav for finance reform,” always asking:

  • Where are we now?
  • Where do we want to get to?
  • What is the best way to get there?

We will also build momentum for creating the following year’s edition because in this chapter we will explain the that:

  • Each year there will be an updated edition with a refreshed set of Formal Recommendations
  • The subject-matter experts already involved with the project are invited to submit new essays to express updates and advances in their thought leadership
  • New subject-matter experts are invited to submit thought leadership essays to increase the breadth and the depth of the experience and wisdom being fed into the project
  • The Special 1,000 are invited to respond to the Formal Recommendations they have been given; the readers of the book will thereby become the writers of the book over time i.e. an osmosis-like process will be encouraged to blend togethor the thinking of “those with a sense of passion and purpose for the change that is needed” and “those with the power and position to make change possible”
  • We want suggestions for new additions to the Special 1,000. The new additions will refresh the Special 1,000 each year; we will be selecting out those that do not wish to engage, and we will be replacing them with those that do. This way there will only ever be 1,000 in the Special 1,000 and year by year the 1,000 will become an increasingly engaged, participative and supportive group; they will move from being the targets of our collective effort to becoming active contributors to our collective effort.


The outputs that we expect to achieve by the end of 2020 are summarised here:

  • A detailed project plan for a well-organised initiative post the initial establishment phase
  • A global network of subject-matter experts that have opted in to be part of the project
  • A minimum of a further 12 international meetings specifically dedicated to the project
  • Identification of and initial engagement with the 1,000 VIPs that, in effect, govern the way the financial system operates
  • A global network of Scientific Committee members; world-class academics
  • Fully-developed Finance Development Goals
  • The first edition of the book
  • The beginnings of a transformational change process of immeasurable value, worldwide
  • The creation of an opportunity for many spinoff research and activities

The background and the build-up:

About our Special Events at the House of Commons

Our international project is very ambitious. We are very confident of its success in the UK because we have unusually high levels of connectivity and engagement with all the key stakeholders including regulators, politicians and the main financial services trade bodies and professional associations.


Of course, it is going to take time to build a similar supportive network in other countries but we have a plan to do that and our events outside the UK in 2019 and beyond are part of that plan. 


We have run 3 special events in the UK at the House of Commons. They are being explained here to show that we have managed to convene successful meetings in the past:


  • Our first was a very a successful Summit, held on 12th September 2016 at the House of Commons. It was Co-Chaired with Tom Tugendhat MBE MP (who is now the Chair of the UK’s Foreign Affairs Committee). The Summit was all about the lack of transparency in financial services, and the main focus was the pensions market. We had speeches from all the relevent regulators who were represented at a senior level; plus numerous senior executives of financial services trade bodies/professional associations; plus progressive financial services thought leaders and so on. The event was very successful – it led to the opening of an enquiry by the Work and Pensions Select Committee on Pensions Costs Transparency (at which we gave evidence in person in September 2018, at the House of Commons). We had approximately 50 people in attendance; here is a picture of some of them; and beneath that some pictures of the inquiry it led to:


  • Our second was on 26th June 2017, at the House of Commons. It was Co-Chaired with Lord Cromwell and was about the need for reforms in the banking sector. The Transparency Task Force’s Special Interest Group on Banking presented a White Paper to the Financial Conduct Authority about the need for the Banks to be more transparent on how they make money when customers fall into unapproved overdraft. Our thoughts were fed straight into the FCA’s policy consultation on banking reform. Here’s a picture of some of the people that were there, which includes the Financial Conduct Authority’s Head of Retail Banking, Karen McTeague: 



  • Our third was on 7th February 2018 at the House of Commons. It was Co-Chaired with Lord Cromwell, about the need for an All Party Parliamentary Group on “How can we mitigate the risk of another Global Financial Crisis?”. All the relevent regulators were represented including The Bank of England/Prudential Regulatory Authority, The Financial Conduct Authority, The Pensions Regulator; and so on. We also had several parliamentarians, some of whom spoke (Such as Sir Vince Cable). We are proud to explain that the APPG we campaigned to create is being launched. Lord Lindsay has assisted in writing the draft purpose statement for it: “The Purpose Statement for the new APPG on Financial Stability 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”. Here’s a picture of some of the people that were there:


Overview of the TTF

What is the Transparency Task Force all about?


The Transparency Task Force is unique. We seek to operate in a collaborative, collegiate and consensus-building way; focusing on solutions not blame. We seek to effect the change the financial services sector needs and the consumer deserves.

Within the Transparency Task Force we fully understand that “sunlight is the best disinfectant” and we have first-hand experience of succesfully harnessing the transformational power of transparency to help fix what’s wrong. 

Here’s an overview of what we are about and what we have been doing:

  • Since May 2015 we have worked very hard to build a collaborative, campaigning community dedicated to driving up the levels of transparency in financial services. Our community is made up of people who are motivated to work together, collaboratively, to help improve the way the finance sector works for the benefit of its own reputation and the millions of people it serves.
  • We believe there is a strong correlation between transparency, truthfulness and trustworthiness; so if we want the finance industry to regain trustworthiness we all need to act in a consistently transparent manner. Our community believes that high levels of transparency are a pre-requisite for fairer, safer more stable and more efficient financial markets being able to drive better outcomes and better value for money for consumers. The people involved in our community share the view that the financial services sector is profoundly important to the wellbeing of society; but also that there is a great deal wrong with it that needs to change
  • We have organised and mobilised over 800 people into 22 Special Interest Groups; with each Special Interest Group having a clearly defined finance reform objective. For example, we have Special Interest Groups on Asset Management, Pensions, Banking, Foreign Exchange and so on. For more information about our Special Interest Groups see here:
  • We are developing a global network of good people who are well placed to help advance the finance reform agenda. These people are the Transparency Task Force Ambassadors; you can see who they are here:
  • We have created a highly credible Advisory Board, Chaired by John Howard, former Chair of the Financial Conduct Authority’s Financial Services Consumer Panel. John also presented the BBC’s consumer programme, “You and Yours” for over fourteen years. For details of who else is on our Advisory Board, see here:
  • We frequently run symposia; each one carefully designed to galvanise support for finance reform. Most of these symposia have had direct involvement from the financial regulators and each one has  built momentum for the cause from one to the next
  • We have been regularly featured in the trade press; and we have been mentioned in the national newspapers including an important piece that covered some of our research which appeared on the front page of the Financial Times. We have been on BBC Radio 4 three times; the most recent being in a special programme entitled The Transparency Detectives. You can listen to it here:
  • We have responded to numerous regulatory consultations and published several White Papers. We have an excellent working relationship with the UK regulators
  • We have published the Transparency Times every month since May 2016. It carries articles from people wanting to share their insights and experiences and it now goes to well over 10,000 people each month
  • We award Transparency Trophies to champions of campaigning and finance reform at each of our events​

The Transparency Task Force View


At the Transparency Task Force, we believe that:

  • The innocent vast majority are paying a heavy reputational price for the poor conduct of the “mischievous minority” in the financial services sector
  • Whilst we are not be to blame for the situation it is in our collective interest to try to solve it
  • Everybody involved in the sector has a moral, ethical and professional duty to help rebuild trust and confidence
  • If the key stakeholders work together in an organised and coordinated manner, serious, systematic and systemic improvements can be made
  • Margaret Mead was right when she famously stated that “Never doubt that a small group of thoughtful, committed citizens can change the world; indeed, it’s the only thing that ever has”
  • Whilst we do not know how successful our attempts to make a difference will be; we do know that the only way we can truly fail is to not even try

We bring people together to build consensus and campaign to drive positive, progressive and purposeful finance reform


In many ways, a key success factor for the overall project is whether we can bring key stakeholders together. We believe we can do that very well, and one reason for that is we already have a good working relationship with a very extensive network of key people. 

As Founding Chair of the Transparency Task Force, Andy Agathangelou has an extensive contact base of key stakeholders such as:

But in addition, the other roles he holds now or has held in the past also help to provide a large, natural network of interested parties, enabling the bringing together of many people including the key stakeholders who can drive positive, progressive and purposeful finance reform.


The other relevent roles are:

  • He was the Founding Chair of Friends of the Association of Member Nominated Trustees. The AMNT provides a unique community for pension scheme trustees who have a very important part to pay in the governance and stewardship of pension schemes
  • He conceived, helped create and lead Friends of Automatic Enrolment, becoming its Founding Chair.This group helped ensure the successful implementation of the Government’s policy on pensions automatic enrolment by bringing togethor all stakeholders including the Pensions Regulator, technology bodies, pension companies, asset managers, payroll bodies and so on. It was instrumental to the development and successful launch of PAPDIS, the Pensions and Payroll Data Interface Standard
  • He is the Chair of the Interoperability Steering Groupwhose membership includes senior representatives from The Financial Conduct Authority, The Pensions Regulator, The Department for Work and Pensions, The Digital Cabinet Office, The Competition & Markets Authority, the Tax Incentivised Savings Association, The Pensions Administration Standards Association and many more. The Interoperability Steering Group is working collaboratively to drive up the levels of interoperability of data throughout the financial services sector, which will lower the cost base of the sector and thereby improve outcomes. We are looking at the UK initially but with an eye on what improvements can be made internationally too
  • He is also a Governor of the UK’s Pensions Policy Institute, which is the independent research and educational, organisation with a charitable objective to inform the policy debate on pensions and retirement income provision.
  • Fellow, of the RSA, the Royal Society for the encouragement of Arts, Manufactures and Commerce. Its purpose is to enrich society through ideas and action. The RSA believe that all human beings have creative capacities that, when understood and supported, can be mobilised to deliver a 21st century enlightenment. The RSA has 29,000 Fellows around the world, sharing powerful ideas, carrying  out cutting-edge research, building networks, and creating opportunities for people to collaborate, helping to create fulfilling lives and a flourishing society. 

Who should be included in this initiative?


Anybody that identifies with the mission to help fix what’s wrong in financial services and who wants to “stand up rather than stand by” should do all they possibly cant to participate and put their weight behind this initiative.

We make this bold statement because we are absolutely convinced that all stakeholders need to work together “to create the whole-system solution to the whole-system problem” that has been identified. 

It is therefore very important to have representation from as wide a cross-section of stakeholders at each of our meetings as we possibly can; and we are particularly interested in having representation and input from:

  • Politicians
  • Policymakers
  • Financial Regulators
  • Central Bankers
  • Trade Bodies
  • Professional Associations
  • Economists
  • Retail and Institutional Investors
  • Industry Observers, Commentators, the Media in general
  • Academics and Researchers
  • Campaign and Civil Society Groups
  • NGOs
  • Fiduciaries, Trustees, Fiduciary Managers 
  • Members of Trades Unions, Departments of Labor and similar organisations
  • Bankers (particularly central bankers) and representatives of Banking organisations, associations and federations
  • Risk Management Professionals
  • Compliance Professionals
  • Legal Professionals
  • Technologists and Fintech organisations
  • Pension Professionals
  • Actuaries
  • Asset Managers
  • Financial Planners
  • Investment Consultants
  • Brokers
  • Custodians

Let’s not under-estimate the potential for like-minded people to drive transformational change so please do whatever you must to get involved in this truly pioneering project – just rearrange your schedule if you have to, because your input and response to what we’re going to be covering might make the difference that makes all the difference.

If it is physically impossible for you to take part, at the very least make sure your organisation is represented – you are welcome to forward a link to this information to your colleagues and contacts.

The Scientific Committee


Scientific Committee have technical and governance oversight responsibility for “The book that is much more than just a book” and this pioneering project as a whole. 

Note, we have many more members in the Scientific Committee than those shown below; other photos and bios are being added.

By the time it is complete, The Scientific Committee will be a mighty reform engine with significant intellectual horsepower.

As individuals, each member of our Scientific Committee has thought leadership that is highly compelling; and collectively they are too credible for their Formal Recommendations to be ignored. 

We are extremely grateful to our Scientific Committee who will be providing priceless input to a breakthrough initiative of undeniable importance. 

Dr. Anna Tilba,

Associate Professor in Strategy and Governance, Durham University Business School

Dr. Anna Tilba is a researcher and a Lecturer in Strategy and Corporate Governance and a Director of Corporate Engagement at the Newcastle University Business School. She joined NUBS in 2012 from the University of Liverpool Management School where she obtained her PhD in corporate governance and where she was teaching Strategy both at undergraduate and postgraduate level.

Her research interests include pension fund investment, financial intermediation and networks, accountability, corporate governance and investor engagement.  Anna has an emerging record of publications in top tier academic journals. She also reviews papers for such scholarly journals as Corporate Governance: An International Review, Organization Studies, European Management Review, Business History and her papers appear at various international conferences. 

Anna has been a member of the Advisory Committee on Fiduciary Duties of Investment Intermediaries for the Law Commission. The Consultation Paper on Fiduciary Duties is commissioned by the Department for Business, Innovation and Skills (BIS) and the Department for Work and Pensions (DWP) and arises from the Kay Review of UK Equity Markets and Long-Term Decision-Making.

More recently, Anna has carried out research for the UK Financial Conduct Authority on the Effectiveness of the Oversight Committees as past of the FCA’s Asset Management Market Study

Furthermore, Anna is a member of the Transparency Task Force’s Costs & Charges Team and the International Best Practice Team; and she frquently participates at TTF events. 

Prof. Andreas Hoepner,

Professor of Operational Risk, Banking and Finance, University College Dublin


Professor Andreas G. F. Hoepner, Ph.D., is a Financial Data Scientist working towards the vision of a conflict-free capitalism. While the vision is unlikely fully achievable, Andreas’ view is that anyone can strive to make a regular contribution to reducing abusive conflicts of interests and thereby enhancing the fairness of our society and its financial system. Formally, Andreas is Full Professor of Operational Risk, Banking & Finance at the Michael Smurfit Graduate Business School and the Lochlann Quinn School of Business of University College Dublin (UCD) and serves on the schools’ management team as Vice Principal for Equality, Diversity and Inclusion (EDI).

Prof. Hoepner is also heading the ‘Practical Tools’ research group of the Mistra Financial Systems (MFS) research consortium (5 groups, total funding: SEK 58m ~ about US$ 7m), which supports asset owners with evidence-based tools for investment decision making. Since June 2018, Andreas is serving on the European Union’s Technical Expert Group on Sustainable Finance as one of three independent members (i.e. appointed in personal capacity instead of representing a legal entity), where his role specialises in developing low-carbon benchmarks. Before joining UCD in June 2017, Andreas was Associate Professor of Finance at the ICMA Centre of Henley Business School, where he remains a Visiting Professor of Finance teaching FCA staff on Ethics, Governance & Accountability.

He is also Visiting Professor in Financial Data Science at the University of Hamburg, serves as a board member of the Financial Data Science Association (having been its inaugural chair in 2015-16) and educates investment professional in financial data science as Scientific Co-Director of the Certificate in Financial Data Science of the German Investment Association (DVFA). He is currently serving on the Finance Green Ireland Committee (hosted by the Department of Finance of the Republic of Ireland) and on independent assessment committees for the Investment & Pensions Europe (IPE) Awards (Categories: Climate Change Risk, ESG, Smart Beta), the Investment Innovation Benchmark (, and the RI Awards. He sits on predominantly technical advisory boards for various organizations including Bank J. Safra Sarasin (with former PRI chair Engshuber),, the female-led fintech start-up Datamaran, the Deep Data Delivery Standards (, the French Social Investment Forum (FIR), and the Future World Fund (with Lord Stern), Invesco (with emphasis on voting technology), Kempen (with emphasis on boutique SDG investing) and Proxy Insight.

Andreas received his PhD from St. Andrews in June 2010, where he was on faculty from 02/2009 to 09/2013. He is co-founder and chair of two socially motivated enterprises: ReFine Research Project which gives social reporting awards to pension funds and Sociovestix Labs (SVL). Co-founded with Prof. Borth, Dr. Hees and Dr. Rezec as a spin-off from the German Research Centre for Artificial Intelligence [DFKI]), SVL is committed to fostering innovations in support of the Sustainable Development Principles while adhering to the Asilomar AI Principles and the ReFine Principles for Financial Data Science. Prior to taking up his MISTRA role in March 2016, Prof. Hoepner served over six years as lead academic advisor to the United Nations supported Principles for Responsible Investment (PRI) and consulted for organisations such as CFA, IFC or CISL.

Andreas is the sole inventor of a US patent titled ‘Investment Performance Measurement’ (No. US8751357 B1). He also won several awards including a 2015 PRI/Sycomore Best Quantitative Paper and the 2010 PRI Academic Research Award. He publishes interdisciplinary in journals such as Accounting, Auditing & Accountability; Brain & Behavior; Ecological Economics; Environment & Planning C; European Journal of Finance; Journal of Business Ethics; and Journal of Business Finance & Accounting. He is co-editor of the Cambridge Handbook of Institutional Investment and Fiduciary Duty (foreword by Al Gore) and the Routledge Handbook of Responsible Investment. He also co-organised a conference Promoting Sustainable Finance at the European Commission and co-edits special issues in the European Journal of Finance on Econometrics & Financial Data Science.

More generally, Prof. Hoepner’s research earned him, aged 33, an invitation to serve as a Fellow of the Royal Society of Arts in 2015 for “exceptional contributions to the study of finance, particularly … responsible investment”. Andreas is most proud, however, about his record as Ph.D. and post-doc supervisor with more than ten students having successfully graduated into placements such as Fidelity, ICMA Centre, MSCI, Said Business School of the University of Oxford, or University of Hamburg.

Besides these academic honours, Prof. Hoepner’s research and views have been covered in mainstream international media (TV, Radio & Print) including Financial Times, The New York Times, BBC (World Business Report, Business Live, Radio 4 today programme, Radio 5 Live, South Live), The Irish Times, Guardian, CNN, WEF and Dutch, French, German & Swedish language media. He has also presented his research to dozens of asset managers including more than two thirds of the trillion US$ group (i.e. AGI, Amundi, AXA, BlackRock, BNP, Capital, Deutsche, Fidelity, JP Morgan, LGIM, NTAM, SSGA, UBS, Vanguard) and many other relevant organisations (e.g. AFA, Akuna, AP 1/3/4/7, AQR, Bloomberg [London, NYC, Tokyo & Zurich], BPP, BVK, CDC, Central Bank of Ireland, CSRC, Church of England, Deutsche Bundesstiftung Umwelt, Deep Learning Finance, DVFA FinTech Forum, Elo, European Commission, FCA, FTSE, Google, IFC, IOSCO, Ireland Strategic Investment Fund, MAN AHL, MP, MSCI, NBIM, OTPP, PKA, Unisuper, or USS).

Selected content of Prof. Hoepner has been translated into Chinese, Danish, Dutch, French, German, Japanese, Korean, Portuguese and Russian. An extensive record of Prof. Hoepner’s publications, presentations and outreach activities can be found on his CV, which also discloses the ISINs of his personal investments to practise full transparency around any potential conflicts of interest. When interpreting academic behaviour, Andreas follows the credo: evidence is discovered, theories are promoted.

Professsor John Wilson,

Pro Vice-Chancellor for the Faculty of Business and Law, Nothumbria University, Newcastle


Prof. John Wilson is a Pro Vice-Chancellor for the Faculty of Business and Law at Northumbria University, Newcastle. Professor Wilson joined from Newcastle University Business School where he has been the Director since November 2012.

With an academic record as a world-class researcher, his previous roles have included Professor of Strategy and Director of Programmes at the University of Liverpool Management School and Director of Research and Professor of International Business, University of Central Lancashire.

Professor Wilson has been researching British business history for almost forty years and has published fifteen books and over seventy journal articles and chapters, which offer a range of insights into the way British business has evolved over the last 250 years.

Krzysztof Grabowski Ph.D,

Securities Broker


Securities Broker, Ph.D. in law, capital market and corporate governance expert.

Retired, but still active professionally. Lecturer of corporate governance at Kozminski University in Warsaw, member of the Academic Society of the Allerhand Institute and of the Scientific Society of Praxiology, arbitrator and mediator at the Court of Arbitration at the Polish Financial Supervision Authority. Member of the Insurance and Reinsurance Stakeholder Group at the European Insurance and Occupational Pensions Authority (EIOPA) and of the Expert Group on Technical Aspects of Corporate Governance Processes (CG-Tech) at the European Commission, member of international organizations of corporate governance. Expert witness in the field of trading in securities. Member of the jury of “The Best Annual Report”, and of the jury for the best thesis and Ph.D. dissertation on business ethics “Verba Veritatis”.

He has worked for several market institutions: brokerage houses, Stock Exchange, Securities and Exchange Commission, Polish Financial Supervision Authority, self-governed organization of financial institutions. Former member of the supervisory boards of the Warsaw Stock Exchange and of the Citibank Handlowy in Warsaw, former president of the Polish Association of Brokers and Investment Advisors.

Participant in the legislative works on capital market and company law at national and EU levels. Author of numerous publications, both scientific and popularizing, lecturer at seminars and workshops in the field of capital markets, corporate governance and business ethics.

Prof. Paul Moxey Bsc(Eng),

MBA, ACA, FCIS Professor of Corporate Governance, London South Bank University


Governance, culture and risk management consultant, expert witness, trainer and author

Paul is an acknowledged expert in corporate governance and risk management and for 13 years led ACCA’s (the Association of Chartered Certified Accountants) global thought leadership on these subjects.  He now works with boards and executive teams in assessing and improving their culture and governance and risk management practices to improve organisational performance and resilience.  He also writes and trains boards and others on governance, board effectiveness, risk, business ethics and corporate culture and recently wrote a text book on corporate governance for ICSA.

Paul is visiting professor of Corporate Governance at London South Bank University, co-chairman of the CRSA Forum, a network of practitioners established in 1994 interested in the behavioural and cultural aspects of risk, governance and organisational performance, a fellow of scenario and futures consultants SAMI Consulting, a board member of the UK Policy Governance Association and an editorial board member of a governance journal.  He is a trustee of a sailing club and has been chairman of a small housing charity, and started and sold a successful small retail and printing business.

Paul is a chartered accountant and a chartered secretary and earlier in his career was a company secretary and group financial controller of a small UK listed company and then a larger unlisted company with 5,000 staff.


His publications include:

ICSA’s Certificate in Corporate Governance 2018

Incentivising ethics 2016

Capitalism and the Concept of the ‘Public Good’ 

Culture and Channelling Corporate Behaviour Summary of Findings.

Creating Value Through Governance: Towards a New Accountability.  

Risk and Reward Tempering the Pursuit of Profit.

Corporate Governance and the Credit Crunch

Tamar Joulia-Paris

Director, TJ Capital


Tamar Joulia-Paris holds various engineering & business management degrees from universities in Europe. 

After 10 years in the construction & manufacturing sectors, she joined banking to develop a modern risk management framework for the bank’s global lending, investment & trading books. This gradually included governance, risk appetite, risk and performance analytics, stress testing, credit trading, as well as capital & liquidity management solutions for retail, mortgages and corporate portfolios.

Tamar also served on EBA’ Consultative Panel in 2010, and as Board Member at the International Association of Credit Portfolio Managers (IACPM) from 2006 to 2011. She left banking mid-2011 to focus on her academic pursuits in enterprise risk and in credit portfolio management, as well as on senior risk advisory work to bank, insurance, asset management and fintech companies. She recently took an independent Board Member position at the Board of Directors of a bank in orderly resolution.

Tamar has authored many articles, and is a regular speaker at conferences in the US and Europe.

Martin Rich,

Co-Founder & Executive Director, Future-Fit Foundation


Martin Rich is a sustainability and impact investment specialist, with over 20 years’ experience in both mainstream and social investment.

Martin co-founded Future-Fit Foundation 5 years ago with a vision of helping create a society which is environmentally restorative, socially just and economically inclusive. The foundation’s free-to-use tools enable businesses to take practical steps towards – and ultimately beyond – the SDGs, and empower investors to understand the total impact of their portfolios and thus direct capital accordingly.

Martin previously spent 7 years as Sales Director at Social Finance Ltd, where he focused on developing the investor base for social impact investments, including the first Social Impact Bonds. Before that he worked for 13 years in international investment banking on structured debt and derivative products for JP Morgan, HSBC and UBS.

Martin has a passion for sustainable development and poverty relief, focusing his pro bono efforts in both the UK and internationally with Access Foundation, Social Investment Business, Panahpur Foundation, and Christian Aid. He is also a former member of the Asset Allocation Working Group for the G7 Social Investment Task Force.

Piotr Konwicki,

Senior Lecturer, University of Hertfordshire


Piotr has a combination of academic and business experience.  He specializes in corporate finance, valuation and alternative investments – having taught and worked in England, USA, Scandinavia and Poland. He is passionate about economics and finance, has a Ph. D. in Financial Economics and an MBA from London Business School.

His research interests include alternative investments, corporate finance, mergers & acquisitions, game theory, behavioral & Islamic finance and social media (value drivers and valuation approaches). Piotr is a stakeholder of All-Party-Parliamentary-Group on Islamic Finance.

Piotr is a Senior Lecturer at Hertfordshire Business School. He worked in senior roles in several international firms: Lazard Freres, Deutsche Bank, Intercontinental Hotels and Metsa Tissue Oyj. 

Prof. David Webber,

Professor of Law, Boston University School of Law


David H. Webber is the author of The Rise of the Working-Class Shareholder: Labor’s Last Best Weapon, published by Harvard University Press in April 2018. Webber has toured extensively for the book, and has published op-eds about it in theNew York Times, the Washington Post, the Chicago Tribune, the Los Angeles Times, In These Times, and elsewhere. The book has been reviewed or otherwise covered in the New York Review of Books, twice by the Financial Times, Publisher’s Weekly, Bloomberg Radio, CSPAN’s BookTV, Forbes, Nightly Business Report, NPR’s Marketplace, the Harvard Law School Forum on Corporate Governance and Financial Regulation, the Harvard OnLabor blog, Cornell University’s ILR Review, Rorotoko, de Volkskrant, Calcalist, the Majority Report with Sam Seder,the David Pakman Show, Knowledge@Wharton Business Radio, Splinter News, Dissent, Agence France-Presse, Reuters, and others.

Webber co-edited a second book, Research Handbook on Representative Shareholder Litigation (Elgar), published in November 2018. He has published scholarly articles including “The Use and Abuse of Labor’s Capital” in the New York University Law Reviewand “The Plight of the Individual Investor in Securities Class Actions” in the Northwestern University Law Review, with additional work forthcoming in the Vanderbilt Law Review and elsewhere. Webber has presented his research at the Harvard Stanford Yale Junior Faculty Forum, the Conference on Empirical Legal Studies, and the American Law and Economics Association conference, among others.

Webber is the winner of Boston University School of Law’s 2017 Michael Melton Award for Teaching Excellence. He also co-teaches the Pensions and Capital Stewardship course for the Harvard Trade Union program at Harvard Law School. He is a graduate of Columbia and NYU Law School, where he was an editor for the law review.

Dr Ashby Monk,

Executive and Research Director, Standard Global Projects,
Senior Research Associate, University of Oxford,
Senior Advisor to the CIO, University of California,
Co-Founder, Long Game


Dr. Ashby Monk is the Executive and Research Director of the Stanford Global Projects Center. He is also a Senior Research Associate at the University of Oxford and a Senior Advisor to the Chief Investment Officer of the University of California.

Dr. Monk has a strong track record of academic and industry publications. He was named by aiCIO magazine as one of the most influential academics in the institutional investing world. His research and writing has been featured in The Economist, New York Times, Wall Street Journal, Financial Times, Institutional Investor, Reuters, Forbes, and on National Public Radio among a variety of other media.

His current research focus is on the design and governance of institutional investors, with particular specialization on pension and sovereign wealth funds.

He received his Doctorate in Economic Geography at Oxford University and holds a Master’s in International Economics from the Universite de Paris I – Pantheon Sorbonne and a Bachelor’s in Economics from Princeton University.

Graham Boyd,

CEO & Founder, Evolutesix


Graham has been reinventing business since 2008 by questioning everything we usually do.

His original background is as an academic in theoretical particle physics research, followed by a management career with Procter and Gamble, so he brings an unusual perspective to corporate governance.

His key conclusion is that we need, in addition to regulation, 

  • fundamental changes in who has a voice and voting power in general meeting decisions
  • broad use of agile, self-managing ways of organising people around work
  • the personal capacity to thrive in a VUCA world: high transformational thinking with high self-transformation capacity

He believes getting business to work, including in the finance sector, requires us to expand to our legal beings the personal freedoms of natural beings. The freedoms that underpin over a century of economic success today. 

He is currently establishing a startup incubator and investment fund for regenerative ecosystems based on these company concepts.

Laurence Wormald,

Investment Manager, Random Performance


Since 1992, Laurence Wormald has held positions at several central banks, investment banks and financial technology firms. He is now working as an independent consultant in investment risk management.

Laurence started his career as a university lecturer in theoretical physics, before joining an investment team at the Bank for International Settlements in Basle in 1992. He went on to work at the European Central Bank in Frankfurt and the at the Bank of England (Monetary Analysis Division) until 2002, supporting the economic research and monetary policy committees at those central banks.

After a spell as chief risk officer for a London-based proprietary trading unit of Deutsche Bank until 2008, for 10 years Laurence held the position of head of research at FIS’ buy-side, valuation and trading businesses, responsible for the team which developed and maintains the widely-used multi-asset-class market factor risk model APT.

Risk management underpins all modern finance as the essential discipline for practitioners and financial product development. The integrity of the models which are used in risk management is critical to transparency and policy-making across banking, investment management and trading. Laurence has served on the councils of academic institutions such as the Centre for Computational Finance at Essex University, and with professional
societies such as Inquire UK, to try to develop the most intuitive and rigorous models for pricing and risk management.

Dr. Nicholas Morris,

Adjunct Professor,
University of New South Wales, Sydney.


Dr. Morris is an Adjunct Professor of the law faculties of UNSW, Sydney, and Latrobe, Melbourne; a visiting fellow at the Martin School, Oxford; and a guest professor at the China Executive Leadership Academy, Pudong, China.

He has been Deputy Director of the UK Institute for Fiscal Studies; Chief Executive and Chairman of various economic consultancies including London Economics; a visiting fellow at Balliol and St Anthony’s Colleges in Oxford, and at Melbourne University; and has led numerous projects in developing countries.

Dr. Morris is the co-editor of ‘Capital Failure: Rebuilding Trust in Financial Services’, published by OUP in 2014, and author of ‘Management and Regulation of Pension Schemes: Australia, A Cautionary Tale’, published by Routledge in 2018.

Raphael Douady,

Specializing in Data Science, Financial Mathematics & Chaos Theory,
University of Paris I-Panthéon-Sorbonne

Raphael Douady is a French mathematician and economist specializing in data science, financial mathematics and chaos theory at the University of Paris I-Panthéon-Sorbonne. 

He formerly held the Frey Chair of quantitative finance at Stony Brook University and was academic director of the French Laboratory of Excellence on Financial Regulation. 

He earned his PhD in Hamiltonian dynamics and has more than 20 years of experience in the financial industry. He has particular interest in researching portfolio risks, for which he has developed especially suited powerful nonlinear statistical and data science models, as well as macroeconomics and systemic risk. 

Raphael founded fin tech firms Riskdata (risk management for the buyside) and Datacore (quantitative portfolio of ETFs) and is Chief Science Officer of Matrics (AI for the buy-side). Douady is a member of the Praxis Club, a New York-based think tank advising the French government on its economic policy and sits on the board and the investment committee of Friends of IHES, a foundation supporting the Institut des Hautes Etudes Scientifiques (the French brother of Princeton IAS). 

He is an alumni of Ecole Normale Supérieure in Paris and was awarded a gold medal at the International Mathematical Olympiads.

Andrew Mills,

Founder and Director,
Insight Financial Research

Andrew is an independent and expert analyst, commentator and writer on the financial industry. He works on a wide range of research-related projects, helping clients to understand and communicate the impact of economics, technology, demographics, behaviour and regulation on financial firms and the sector as a whole.

Andrew’s clients include world-leading companies in banking, asset management, research and consulting. He has worked for a range of national and international bodies, and been instructed as an expert witness.  Andrew works mainly in the UK and Europe, but also has extensive experience in Asia and the US.  He often speaks at industry events and is always ready to give his opinion!

With quixotic timing, Andrew founded Insight Financial Research in early 2008 and has been busy ever since. That followed a dozen years in professional services, first as a forensic accountant at Arthur Andersen and then in PricewaterhouseCoopers’ Valuation & Strategy practice.

Andrew is a strong believer in the social value of finance, but – like many – feels that the industry has largely forgotten its purpose. He is a member of the TTF’s Financial Stability Team, contributed to the Team’s 2018 white paper on avoiding future crises, and was an expert participant in the RSA’s Citizens Economic Council project.

Darby Hobbs,

CEO/Founder SOCIAL3;
Co-Founder & Chairperson Conscious Capitalism Boston Chapter;
Adjunct Professor, Boston University and Bridgewater State University (Social Entrepreneurship and Impact Investing)


Darby Hobbs is a visionary, social innovator, motivational presenter, educator, author, and strategic marketeer. Focused on Relationship to LIFE, Oneself and Mankind and building the bridge between what individuals value through understanding their LivingWellTM Model and their whole life plan including investments.

It’s about connecting the heart, to the mind, to the wallet.

Working with company business leaders, investment firms and financial advisory groups to develop a deeper understanding of how to apply ESG/SRI and Impact Investing criteria into business decisions and to understand the value drivers of individuals ready for being part of the new investment experience – fusing brand and sustainability principles for asset growth.

Darby has also developed programs geared towards academia; targeting social entrepreneurship and innovation as well as student-led impact investing funds. 

Through SOCIAL3 ‘Telling the Story’ – Conscious Business Show – becomes paramount as she produces this through various mediums to educate, build brand awareness and engagement with the marketplace.

Her passion in creating positive change, along with the belief that businesses exist for profit and purpose, and that the financial system and the value drivers connected to this today is both a key challenge and opportunity to unlock.

Professor Michael Mainelli FCCA, FCSI (Hon), FBCS

Executive Chairman, Z/Yen Group

A qualified accountant, securities professional, computer specialist, and management consultant, educated at Harvard University and Trinity College Dublin, Michael gained his PhD at the London School of Economics where he was also a Visiting Professor. 

He began his career as a research scientist, later becoming an accountancy-firm partner and a director of Ministry of Defence research. During a spell in merchant banking in 1994, he co-founded Z/Yen, the City of London’s leading commercial think-tank.  He has led Z/Yen from creating smart ledgers (aka blockchains) through the Financial £aboratory, Taskforce 2000, Long Finance, Global Financial Centres Index, Global Green Finance Index, and Global Intellectual Property Index. 

Michael is an Alderman of the City of London for Broad Street, a non-executive director of two listed firms and a regulator, Emeritus Professor at Gresham College, Fellow of Goodenough College, and Past Master of the Worshipful Company of World Traders. His third book, The Price of Fish: A New Approach to Wicked Economics and Better Decisions, won the 2012 Independent Publisher Book Awards Finance, Investment & Economics Gold Prize.

Dr Shann Turnbull,

Principal, International Institute of Self-governance 


Dr Shann Turnbull is the Principal of the International Institute of Self-governance based in Sydney, Australia. His bibliography is posted

Shann Turnbull obtained an MBA from Harvard in 1963 and published The Management of Capital in 1965 to promote modern financial analysis in Australia. He became a part time teacher at Australia’s first business schools while being a serial entrepreneur founding many enterprises with three becoming traded on the Australian stock exchange. From 1967 to 1974 he was in charge of research for a private equity group that acquired and re-organized a eight publicly traded companies. In this role and as a company promoter he gained experience as a controlling shareholder, company director, chairman and/or CEO of public companies. In 1970 he also became a founding joint CEO/owner of a public mutual fund management company.

In 1971 he advocated education for company directors and in1973 his first academic paper “Time Limited Corporations” was published in ABACUS: A journal of accounting, finance and business studies.

Shann pioneered research and teaching of corporate governance before this term came into vogue as a co-author in 1975 of the first course in the world to provide an educational qualification for company directors. In 1975 he also published his first book on Democratising the Wealth of Nations. The novel ideas in his book led to consulting assignments for multi-national corporations, United Nations, World Bank, and governments, including in 1991 the Peoples Republic of China and Czechoslovakia. Shann has been a prolific writer on reforming the theories and practices of capitalism based on biomimicry.

In 2001 he obtained a PhD from Macquarie University with a thesis that showed how the science of control and communication in the animal and the machine described as cybernetics could be extended to organizations to create a science of governance using bytes as the unit of analysis. His thesis built upon his education as an electrical engineer in Tasmania in 1957 and a BSc from the University of Melbourne in 1960. His PhD thesis, many journal articles, book chapters and books are posted at Two articles were selected for re-publishing in 2000 with the seminal contributions of 24 leading scholars in the Corporate Governance volume of The History of Management Thought.

Shann applied the methodology developed in his dissertation to evaluate and rate the governance integrity of the largest 100 organizations in Australia by turnover for three years from 2001. From 2001 to 2006 he was the Australian Advisor to the London based Hermes Focus Asset Management. In 2002 he was commissioned by the London based New Economics Foundation to write a public policy booklet on A New Way to Govern: Organizations and society after Enron. Based on his PhD research he designed a MBA course that he taught during 2003/4 at Macquarie University on evaluating and designing the governance architecture of organizations in the government, non-profit and private sectors. He taught risk analysis to graduate students at the University of NSW in 2007 and at Sydney University in 2008. In 2011 Shann founded the Green Money Working Group in the UK to provide liquidity for Small and Medium sized enterprises in the event of another financial crisis. Group members represent 25% of the UK population as described at

Professor Justin O’Brien,

Director, Rebuilding Trust


Professor Justin O’Brien is a globally acknowledged expert in the dynamics of regulatory politics. He has written extensively on enforcement priorities and their comparative efficacy, with particular recent reference to the manipulation of benchmarks and the FX market in London, Singapore, the United States, within the European Union Competition Directorate and here in Australia.

He is exceptionally well-connected globally and his experience in evaluating government policy in relation to capital markets invaluable for the planned audience. He has penned a series of essays for the Australian Financial Review on the Royal Commission and recently published Trust, Accountability and Purpose: The Regulation of Corporate Governance (Cambridge University Press, 2019) and was a co-editor on The Oxford Handbook of the Corporation (Oxford University Press, 2019). A former investigative journalist with a range of broadcasters, including the BBC, he is a skilled communicator. His essays for the AFR can be found here:



It is crystal clear that:

  • The Trust Deficit in financial services is a serious and systemic problem that adversely effects the wellbeing of society, economic stability and political stability
  • Our initiative is the first serious attempt to do something about the Trust Deficit on a coordinated, international basis
  • Our approach is wholly inclusive and has the potential to create a motivated movement for change involving all the key stakeholders necessary including politicians, policymakers and regulators; right around the world
  • Our approach is purposeful and pragmatic; we are happy to consider any alterations to our approach that would enable us to improve our chances of success



If you like the idea of becoming “part of the solution” and being included in this breakthrough initiative, please connect.

The way that we work is to establish the easiest and best way for people to become part of the global network of like-minded people that we are creating.

We believe that teams work best when people get the chance to play to their strengths and contribute in whichever way they would most like to.

So please reach out and let’s explore what’s best for you:


Thank you !

Further information about the TTF

You can click on the button below to read about the 130+ Transparency Task Force Ambassadors. The list includes world class academics and highly respected thought leaders from right around the world.

Click here to see the TTF Ambassadors

Transparency Task Force Advisory Group

You can click on the button below to read about the Transparency Task Force Advisory Group, which is Chaired by the former Chair of the Financial Conduct Authority’s Financial Services Consumer Panel.

Click here to see the TTF Advisory Group

If you want to read testimonials

If you haven’t been to one of our events before you can use the link below to read some testimonials:

Click here for Testimonials

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