#transparencytf · pdf filepage 2...is an informal but increasingly influential forum...

22nd June 2016 UNISON Centre, 130 Euston Road, London.

#TransparencyTF

...is an informal but increasingly influential forum dedicated to encouraging greater transparency in financial services, right around the world.

We are a campaigning community that believe higher levels of transparency are a prerequisite for fairer, safer and more efficient markets that deliver better value for money and better outcomes to the consumer.

Furthermore, because of the correlation between a lack of trust and a lack of transparency, we hope that our work on transparency will also help to rebuild trust and confidence in financial services, for the benefit of all market participants and their clients.

…has a purpose; to galvanise support for the idea that there ought to be higher levels of transparency in financial services, right around the world. It is a uniquely inclusive opportunity to properly consider and the debate the keys issues, contemplate the thought leadership available and build consensus on the best way forward for the financial services industry and its clients, as a whole.

Delegates will enjoy an environment that is conducive to candid and intelligent debate, where ideas can be exchanged in a constructive and civilised manner thereby encouraging co-operation, collaboration and collegiality, for the benefit of all.

…is competed for at each of our Transparency Symposiums, by individuals and organisations that can evidence they “believe in transparency”, align with our overall objectives and want to showcase their pro-transparency credentials.There can be no doubt that the world’s financial services regulators and policymakers want greater transparency; and that asset owners, pension schemes and so on deserve it. Clearly, optimum outcomes are dependent on transparency.The winners will be shining examples to the rest of the market. They may educate, enable and encourage but one thing is certain – they will be world leaders in advocating a more enlightened, client-centric and transparent approach to business.

We greatly appreciate your supprt and attendance thank you!

With particular thanks to today’s sponsors:

Rapid progress has been made since our first meeting on 6th May 2015. It is perfectly clear that there are many motivated and highly capable people who are dissatisfied with the status quo and, very importantly, are willing and able to work together to make a difference. These individuals are organised into into 5 teams, with each team having a particular area of focus:-

The following tables show the make-up of the teams; those in bold red are Team Leaders:

T E A M S

Who’s in the Costs & Charges Team?First Name Last Name Job Title Organisation

Adam French Co-Founder & Managing Director Scalable Capital Ltd

Andrew Evans Chief Executive Officer Smart Pension

Andy Agathangelou Founding Chair Transparency Task Force

Andy Tarrant Head of Policy & Government Relations B&CE The People’s Pension

Angie Kirkwood Senior Manager - Industry Development Scottish Widows

Anna Tilba Lecturer in Strategy & Corporate Governance Newcastle University Business School

Chris Connelly Principal Consultant Aquila Heywood

Chris Sier Director FiNexus

Con Keating Head of Research BrightonRock Group

Daniel Godfrey Non-Executive Director Big Issue Invest Fund Management

Graham Cook Portfolio Solutions Macquarie Securities

Henrik Pedersen Managing Partner, Co-Founder Clerus LLP

Henry Tapper Founder Pension PlayPen

Iain Clacher Associate Professor in Accounting & Finance Leeds University Business School

Iain Cowell Head of Investment Solutions, UK & Ireland Allianz Global Investors

ALL YOU NEED TO KNOW ABOUT:

ALL YOU NEED TO KNOW ABOUT:Costs & Charges Team cont.

Imran Razvi Public Policy Advisor The Investment Association

James Monk Head of DC Investments Aon Employee Benefits

Jamie Jenkins Head of Pensions Policy Standard Life

JB Beckett Consulting Chief Investment Officer and Author New Fund Order Consulting

John Serocold Principal Studio Serocold

Jon Parker Director Jonathan Parker Consulting Ltd

Julius Pursaill Pensions & Investment Consultant Independent

Lucy Forgie Policy Adviser ABI

Martin Palmer Head of Corporate Funds Proposition Zurich Financial Services

Malcolm Small Managing Director Lynecombe Consultancy

Markus Krebsz Interim Chief Risk Officer UNECE GRM

Michelle Baddeley Professor of Economics and Finance University College London

Mike Webb Consultant City Noble

Natalie Winterfrost Chair/Client Director CFA Society, UK/Aberdeen Asset Management

Neil Morgan Senior Pension Trustee Capita Asset Services

Niall Ferguson Consultant Independent

Ralph Frank CEO DC (UK) Cardano

Robin Powell Editor The Evidence-Based Investor

Ronnie Morgan Strategic Insight Manager Royal London

Saul Djanogly CEO Best Interest Consultants

Shyam Moorjani Partner, Financial Services Consulting RSM Tenon

Stephen Bowles Head of Institutional Defined Contributions Schroders

Stephen Budge Principal Mercer

Sunil Chadda Managing Director Cairn Consulting Ltd

Tim Sharp Economic and Social Affairs Department TUC

Tim Walton Manager, Data Research and Analysis Morningstar

Tim Brown Head of Consultant Relations Dimensional Fund Advisors

Who’s in the Data Team?First Name Last Name Job Title Organisation


Chris Connelly Principal Consultant Aquila Heywood

Christopher Squirrel Founder and CEO Sciurus Analytics


David Rich CEO Accurate Data Services

Elizabeth Campbell-Warner Managing Director Gabriel Research & Management

Gerry Wright Partner Smith & Williamson Investment Management LLP



James Singer Senior Associate P-Solve

John Simmonds Principal CEM Benchmarking Inc

Margaret Snowdon Chairman Pensions Administration Standards Association


Nick Fleming Market Development Manager British Standards Institute

Nils Johnson Co-Founder and Director Spence Johnson Limited

Shaul David Fin Tech Sector Specialist UKTI Financial Services Organisation

Stewart Bevan Product Manager - Benchmarking KAS BANK

Sunil Chadda Managing Director Cairn Consulting Ltd

Tim Walton Manager, Data Research and Analysis Morningstar

T E A M S

Who’s in the Rational Decision-Making Team?First Name Last Name Job Title Organisation

Alan Salamon Managing Director Corpias




Henry Tapper Founder Pension PlayPen


James Meenan CEO JNM Investment Governance

Mark Miller Employee Benefit Consultant Barclays Corporate & Employer Solutions


Neil Morgan Senior Pension Trustee Capita Asset Services

Neil Latham Consultant Independent

Philip Brown Head of Policy LV

Rachel Haworth Policy Officer ShareAction

Saul Djanogly CEO Best Interest Consultants

Steve Cave Associate Director Smith & Williamson

Tessa Page FIA, Principal Mercer

Tim Middleton Technical Consultant Pensions Management Institute

We are actively seeking new members

for all our teams.

To learn more about each team’s focus and to express interest in getting involved

please email [email protected]

Who’s in the Stewardship Team?First Name Last Name Job Title Organisation


Anna Tilba Lecturer in Strategy & Corporate Governance Newcastle University Business School

Anna Walton Principal Consultant Energised Environments Limited

Barry Mack Client Director Muse Advisory


David Weeks Committee Member Association of Member Nominated Trustees (AMNT)

Emma Craig Marketing Specialist KAS BANK N.V.

Iuliia Shpak PhD Researcher in Finance/ Systematic Strategies University of East London/Sarasin & Partners

Janice Lambert Pensions Consultant Independent

Joshua Card Chief Executive Officer Kukua

Judith Donnelly Partner Squire Patton Boggs

Julia Dreblow Founder sriServices and Fund EcoMarket

Luke Hildyard Policy Lead - Stewardship and Corporate Governance PLSA

Michael Kemp Senior Pensions Technician Pinsent Masons LLP

Nick Fleming Market Development Manager British Standards Institute

Olivia Seddon-Daines Senior Research Analyst ET Index

Paul Lee Head of Corporate Governance Aberdeen Asset Management

Paul Marsland Deputy Director High Pay Centre

Paul Hewitt Senior Development Manager Vigeo Eiris

Rachel Haworth Policy Officer ShareAction

Sarah Hutchinson Consultant SJ Hutchinson Ltd

Sarah Wilson Chief Executive Manifest

Sebastian Reger Partner Sackers

Terry Ritchie Development Director Trustee Solutions Ltd

Valborg Lie Director Borg Consulting

Who’s in the International Best Practice Team?First Name Last Name Job Title Organisation Country

Andy Agathangelou Founding Chair Transparency Task Force UK

Alex Mazer Founding Partner Common Wealth Canada

Amy Auster Executive Director Australian Centre for Finacial Services Australia

Andy Tarrant Head of Policy & Government Relations B&CE The People’s Pension UK

Anna Tilba Lecturer in Strategy & Corporate Governance Newcastle University Business School UK

Chris Sier Director FiNexus UK

Chris Tobe Investment Consultant Stable Value Consultants USA

Con Keating Head of Research BrightonRock Group UK

Dana Muir Professor University of Michigan’s Ross School of Business USA

David Knox Senior Partner Mercer Australia

Elias Westerdahl Sustainable Business Analyst The Centre for Synchronous Leadership UK

Eric Veldpaus Strategy Director Novarca Group Holland

Eric Plunkett Owner Redbrucke UK

Erik Conley Founder ZenInvestor USA

Felix Mezzanotte Asst. Prof. Co-Team Ldr of Acct. & Law The Hong Kong Polytechnic University Hong Kong

Frits Meerdink Manager Fund Management PGGM Investments Holland

Graham Wrightson Partner Stephenson Harwood LLP UK

Heinz-Dietrich Steinmeyer Professor of Law, Director of the Institute for Labour Law, Social Law and Business Law University of Muenster Germany

Ian Fryer Head of Research Chant West Australia

Imran Razvi Public Policy Advisor The Investment Association UK

James Meenan CEO JNM Investment Governance Ireland

Janice Lambert Pensions Consultant Independent UK

Jerry Moriarty CEO Irish Association of Pension Funds Ireland

Jonathan Hall Head of Financial Services Aquila UK

Nicholas Morris Visiting Fellow The Martin School, Oxford Australia

Nicholas Firzli Director-General World Pensions Council France

Nikki Gwilliam-Beeharee Food and Health Research Manager Vigeo France

Paul Secunda Professor of Law and Director, Labor and Em-ployment Law Program Marquette University Law School USA

Rosalie Degabriele Academic Finance Superannuation & Banking University of Technology Australia

Steve Kenzie Executive Director UN Global Compact Network UK UK

SV Rangan Senior Executive AIG UK

Tomas Wijffels Policy Advisor Federation of Dutch Pension Schemes Holland

PROGRAMME8:35 to 9:00 - Registration, refreshments and networking

9:15 to 9:25 Andy Agathangelou, Founding Chair,Transparency Task Force

“Introduction”

Andy will set the scene for what promises to be another lively, thought-provoking and highly engaging event.

The Transparency Task Force is the campaigning community dedicated to driving up transparency in financial services, right around the world.

Andy is also:-

- Governor, The Pensions Policy Institute- Founding Chair, The CIPP’s Friends of Automatic Enrolment- Founding Chair, The Friends of AMNT- Chair, Pensions BIB

9:25 to 9:50

The Rt Hon. Sir Vince Cable, Former Secretary of State for Business, Innovation and Skills.

“Transparency and corporate governance: experience of a policy maker”

Sir Vince Cable studied economics at the University of Cambridge and the University of Glasgow, before becoming an economic advisor to the Government of Kenya between 1966 and 1968 and to the Commonwealth Secretary-General in the 1970s and 1980s. From 1968 to 1974 he lectured in economics at Glasgow University. Later, he served as Chief Economist for Shell from 1995 to 1997. In the 1970s Sir Vince Cable was active in the Labour Party, becoming a Labour Councillor in Glasgow. In 1982 he joined the Social Democratic Party - which later joined with the Liberal Party to form the Liberal Democrats. He was elected as the MP for Twickenham in 1997.

Sir Vince Cable became the Liberal Democrats Treasury Spokesman in June 2003, and was elected Deputy Leader of the Liberal Democrats in March 2006, becoming Acting Leader for two months in 2007 following Sir Menzies Campbell’s resignation until the election of Nick Clegg. He resigned from both of these positions after becoming Secretary of State for Business, Innovation and Skills between 2010 and 2015. Sir Vince Cable was MP for Twickenham for 18 years and served as Deputy Leader of the Liberal Democrats. He was knighted in the 2015 honours list for political and public service.

9:50 to 10:15

Jonathan Lipkin, Director of Public Policy,The Investment Association

“The new transparency normal”

Jonathan will set out The Investment Association’s current work on charge and cost transparency and explain how its new disclo-sure code will operate.

Jonathan focuses on the client-facing side of asset management and on public policy more broadly. He oversees the Products and Services division which brings together a range of workstreams and disciplines in two key areas. The first covers product distribution, operations, regulation and reporting. The second encompasses public policy, research and statistics. This team engages with Government and regulators in both the UK and EU on many topical issues, including fund disclosure, financial advice and pensions policy.

Prior to joining the IMA in 2005, he worked for a number of years at Oxford Analytica, an international consultancy, leading its European political and economic analysis. He is a member of the Advisory Board of the Centre for Asset Management Research at Cass Business School, London and a fellow of the Royal Society of Arts.

10:40 to 11:05 - Networking & refreshments break

10:15 to 10:40

Alexander Adamou,Fellow,London Mathamatical Laboratory

“A financial Rayleigh criterion: How long must we wait to detect outperformance?”

In physics, the Rayleigh criterion answers the question: how close must we get before we can resolve two objects optically? A similar question can be posed in finance: how long must we wait before we can resolve - in this case, statistically - the performance of a fund from its benchmark. We will explore this question us-ing a simple mathematical model. The answers will shed light on whether we can detect “skill” from luck, and whether fund management fees can be empirically justified.

Alex Adamou is a Fellow of the London Mathematical Laboratory. He is an applied mathematician with interests in finance, economics, and gambling. His current work examines the mathematical frameworks in which familiar economic notions - such as market efficiency, utility theory, and wealth inequality - are usually discussed. His academic background is in fluid and solid mechanics (Cambridge and Imperial) and he was previously a professional gambler.

11:05 to 11:30

Alexander Schindler, President,European Fund and Asset Management Association & Member of the Executive Board,Union Asset Management Holding AG

“Sound transparency requirements in the EU regulatory framework”

Alexander Schindler became a member of the executive board of Union Asset Management Holding AG, Frank-furt in January 2004. He is responsible for institutional client business and international business activities. He is also member of the board of directors of BEA Union Investment Management Limited, Hong Kong since 2007. He was elected as the president of EFAMA, the European Fund and Asset Management Association, in June 2015. Prior to joining Union Investment, he held senior positions in several German asset management companies.Alexander Schindler is a qualified banker and a lawyer (assessor) by profession.

11:30 to 11:55

Jackie Beard, Director of Manager Research Services EMEA, Morningstar

“Fee Transparency”

Jackie will set out some powerful research conducted by Morningstaer that highlights the impact of fees on outcomes for investors and how the level of fees ata fund level is driving asset flows. But the issue isn’t just transparency of the asset management fees; there is a need for transparency at all levels—platform, advice, product wrapper and fund management - in a way that’s comparable for the investor. Jackie will talk through the challenges an investor faces when trying to make those comparisons now and why it’s so important that we as an industry work towards resolving this.

Jackie Beard is the Director of Manager Research Services for Europe, the Middle East and Africa at Morning-star. She leads Morningstar’s engagement with the due diligence teams of institutional investors who engage with Morningstar for external support in the evaluation of active and passive funds, investment strategies and asset management firms.

Jackie joined Morningstar in September 2008 as Director of Fund Research for Morningstar UK, leading the roll out of Morningstar’s qualitative fund research and ratings for funds available for sale to UK investors.

From mid-2010, Jackie focused on the UK investment trust market, and in 2012 led the launch of Morningstar’s qualitative research and ratings on closed-end funds for the UK. She is a leading industry voice on investment trusts and has pioneered greater transparency from closed-end funds on their holdings, authoring the paper “In-vestment Trusts: Why Transparency Matters”. She is a regular presenter to fund boards, investors and advisors.

Before joining Morningstar, Jackie spent seven years at Forsyth Partners where her role included fund research, the management of the group’s broker client funds, and the development of proprietary research and information tools.

Jackie started out in the financial services industry in 1991, initially at private bank Hill Samuel before moving to stockbrokers Albert E Sharp and Quilter, where she switched from private client management into fund research.

Jackie is a fellow of the Chartered Institute of Securities and Investment and an MSI Diploma holder.

11:55 to 12:20

JB Beckett,UK Representative of the Association of Professional Fund Investors & Author of #newfundorder

“A New Fund Order: Is Fintech the City’s Godzilla?”

Do we look at Fintech the right way and what does it mean for transparency? For the City, the rise of digital is a Kaiju (a giant B-movie monster). It is a like the classic King Kong (1933) B-movie, looming over the City, making a big noise, it will be both disrupter and destroyer. Right now it may appear something of a chest-beater, all noise and no action. However the threat of Fintech is far larger than the diminutive “robo adviser” im-agery of Robbie the Robot in Forbidden Planet (1956) albeit that guy was a killer let us not forget. Instead Fintech is allowing different parts of the value chain to broaden their reach along it and this will bring once dominant suppliers head on with incumbents. Corporate Customers are suddenly Competitors. Fintech may prove to be the disruptive monster that irrevocably exposes the AM value chain and challenge the value of many a white collar professional. Godzilla (1954) approaches.

Affectionately known as ‘JB’, Jon Beckett is a veteran fund selector and strategist with 20 years’ industry experi-ence. JB is a thought leader in the fields of fund strategy, research and governance. Author of the controversial book ‘#NEWFUNDORDER’. He is a gatekeeper for one of the UK’s largest insurance platforms, non executive, columnist and global presenter on a variety of fund management and macro issues.

JB’s senior portfolio includes: consulting Chief Investment Officer to Gemini Investment Management board, UK Research Lead for the Association of Professional Fund Investors, Chartered Member, Author and Senior Reviewer for the Chartered Institute for Securities and Investments, and member of the Z/Yen Long Finance think-tank.

12:20 to 12:45

…is competed for at each of our Transparency Symposiums, by individuals and organisations that can evidence they “believe in transparency”, align with our overall objectives and want to showcase their pro-transparency credentials.

There can be no doubt that the world’s financial services consumers, regulators and policymakers want greater transparency. Winners of the Transparency Tro-phy will be shining examples to the rest of the market - they will be world leaders in advocating a more enlightened, client-cen-tric and transparent approach to business.

There is no cost to enter, so if you would like to make a submission at our next Transaparency Symposium please get in touch.

12:45 to 13:35 - Photos, then lunch and networking

There aren’t many bigger priorities for people today than investing for the future. But the reality is that most of us are saving far too little and levels of financial literacy are pitifully low. All too often, consumers base their investment decisions on industry advertising and on what they read and hear in the media.

That wouldn’t matter if brokers, fund managers, advisers, financial journalists and so on acted solely in consumers’ best interests. But everyone is conflicted to some degree or another, and as a result ordinary investors typically end up doing precisely the opposite of what they should be doing.

There is a welter of independent, peer-reviewed research dating back to the 1950s on how best to invest, and the findings are remarkably consistent. Yet although this evidence is widely known in academic circles, the investing public remains largely oblivious to it.

My blog, The Evidence-Based Investor, is an attempt to redress the balance. My goal is to inform investors about what the evidence says; to explore and explain why we don’t hear more about it; and to help like-minded financial professionals to communicate the benefits of an evidence-based approach.

But TEBI is more than just a blog. It’s part of a wider campaign for a fairer and more client-focused investing industry, both in the UK and overseas. One thing, and one thing only, will bring about that change — greater transparency.

The biggest obstacle to better outcomes for end investors is the smoke-and-mirrors culture within the investing industry that hides the true cost from consumers. As the Transparency Task Force has shown, UK pension savers are routinely being hit by more than 100 different fees and charges, many of them hidden. Over time these costs are compounded, which means they typically reduce a saver’s investment returns by about two thirds.

People have a right to know where their money is going, and TEBI is calling for clear standardisation of charges so that investors can compare like with like. Ideally we need a single figure that encompasses everything, including the cost of transactions.TEBI is also campaigning for a clampdown on closet index tracking – in other words, passing a fund off as actively managed when it more or less simply tracks an index. The practice is rife. Depending on your definition of a closet tracker, it affects up to 70% of funds available to UK investors.

Through a combination, then, of education and campaigning journalism, The Evidence-Based Investor is playing its part in helping to change investing for the better.

Robin Powell, The Evidence-Based Investor and member of TTF’s Costs & Charges TeamBirmingham UK, 17th June 2016

Transparency Trophy Entry:

13:35 to 14:00

Update from theTransparency Task Force TeamsDelegates will hear from leaders of the Transparency Task Force Teams who’ll outline their thoughts on their team’s purpose, priorities and plans.

Ralph Frank,CEO, DC (UK) Cardano &A Leader of the TTF Costs & Charges Team Ralph Frank has spent over two decades working with institutions and individuals to help solve their financial, investment and risk management challenges. Ralph leads Cardano’s Defined Contribution business, having returned to Cardano in 2016. He was part of the team that set up Cardano’s UK business in 2007, heading up the Solutions Team until he established Charlton Frank in 2012. His role covered the design and implementation of the framework within which clients’ needs were assessed as well as the services that were tailored to meet these specific requirements. During his time at Charlton Frank, Ralph focused on revisiting the way Defined Contribution savings are provided. Prior to Cardano, Ralph was European Director of Consulting at Mercer Investment Consulting. He was responsible for setting the direction of Mercer’s strategic advice to institutional clients. Ralph arrived in the UK from South Africa in 2002. He had been the Senior Director in charge of Alexander Forbes Asset Consultants, South Africa’s largest institutional investment adviser, before emigrating. Ralph is a Fellow of the Institute and

Faculty of Actuaries. He graduated as a Bachelor of Economic Science from the University of the Witwatersrand.

Chris Connelly,Principal Consultant, Aquila Heywood &A Leader of the TTF Data Team

Chris’ varied role at aquilaheywood sees him working in sales & marketing and product design. Chris’ 20 years in life & pensions administration, system support, software design and product management has seen him work in senior roles across the market spectrum at leading firms such as NatWest, Aon Hewitt, Equiniti and Fidelity. Through these firms, Chris has gained a great breadth of experience with in-house pensions administration, third party administration, financial services providers, local authorities and central government schemes. Chris’ current activities include system and process design for pan-European arrangements and other multi-jurisdictional challenges, thereby extending aquilaheywood’s reach and experience in mainland Europe. Chris is a regular contributor to the pensions press and has worked on a number of industry initiatives including the straight-through processing of investment transactions (ISO20022) and the Pension Regulator’s data quality and record keeping guidelines. Chris is also an ambassador for The Children’s Trust, the UK’s leading charity for children with brain injury.

Henrik Pedersen,Managing Partner & Co-Founder, CLERUS &A Leader of the Rational Decision-Making TeamHenrik has 30 years of investment management and advisory experience. In 2014 he co-founded CLERUS to help pension schemes and other asset owners improve investment decisions, governance and value-for-money via informed, independent and objective investment analysis.

From 2008-2013 he was Chief Investment Officer of Pareto Partners (a BNY Mellon asset management boutique) where he built a successful multi-asset, multi-strategy investment track-record for delivering absolute return to institutional investors. Prior to this he served as head of product development and quantitative investment models at Overlay Asset Management (a BNP Paribas Investment Partner) where he led a successful re-launch of the firm’s alternative investment capabilities which led to buy-rating from investment consultants and significant growth in AUM.

From 2000 to 2005 Henrik was Director of Citigroup’s Risk Advisory Group where he developed quantitative investment models and advised institutional investors on managing risks derived from international investment portfolios.

Henrik’s detailed market and investor knowledge is drawn from his tenure in FX Sales and Marketing with Citibank and JPMorgan Chase, where he focused on providing value-added investment services to clients and which culminated in his role as Head of Emerging Markets Sales. Henrik started his career in financial markets with A.P. Moller Group in 1985, managing the group’s substantial financial market exposures. He holds an Executive MBA with distinction from CASS Business School, London and a B.Com degree in Financial and Management Accounting from Copenhagen Business School.

Judith Donnelly,Partner, Squire Patton Boggs &A Leader of the Stewardship TeamJudith Donnelly is a partner in the pensions and institutional investor team at law firm Squire Patton Boggs. The team represents over 400 pension funds in the UK alone, as well as numerous US pension funds and family offices and international sovereign wealth funds. Its clients range from small pension schemes with under £20 million in assets to large sovereign funds with assets in the hundreds of billions, giving the team a unique perspective on the global investment market and the issues facing investors of all types and sizes

Judith advises pension funds and other institutional investors on a wide range of issues, including investment, governance and regulatory matters.

She regularly advises institutional investors on the legal aspects of investing in hedge funds, private equity funds and infrastructure funds, employer-linked investments and asset-backed funding structures. She also has experience advising on the establishment of collaborative platforms for pension funds and other investors.

Judith sits on the board of the International Pension & Employee Benefits Lawyers Association and the investment sub-committee of the Society of Pensions Professionals.

14:00 to 14:25

Tony Filbin, Group Chairman,Capital Cranfield Independent Pension Trustees

“Achieving greater transparency - the role of the Trustee”

I will provide a technical perspective of what the rules say Trustees and IGCs should be doing, and then share my thoughts on what else they can do to help protect the interests of scheme/plan members. I will then conclude with my views on why the fiduciary role is so important in achieving greater transparency.

Tony Filbin studied law at Hull University and joined Legal & General in 1979 where he held a number of sen-ior positions rising to Managing Director Workplace Savings. In his various roles he was responsible for Legal & General’s suite of retail pension and annuity products including the development and implementation of their award-winning auto-enrolment proposition. Since leaving Legal & General in 2014, he has taken up a number of pension trustee board positions and non-ex-ecutive director roles including Capital Cranfield Trustees where he is Chairman. He is a regular speaker at pen-sion conferences and has held committee positions with the Institute of Actuaries and the Pensions Management Institute. In 2013 he was named by Financial News as one of the Top 10 Most Influential People In Pesions.

Con Keating,Head of Research, Brighton Rock Group & A Leader of the International Best Practice Team

In a career spanning more than forty years, Con has worked as an infrastructure project financier, corporate advisor, investment manager and research analyst in Europe, Asia and the United States. Con’s career commenced as a graduate trainee with Hambros Bank in 1969 and included periods with Kleinwort Benson, First Boston, Banque Paribas and CIGNA, and was characterised by specialisation in quantitative modelling and analysis. This has varied from the financial modelling of infrastructure projects, to credit, insurance and securities pricing and encompassed pension projection and valuation.

He has served on the boards of a number of educational and charitable foundations and as a trustee of several pension schemes. He is currently Head of Research for the nascent BrightonRock insurance group.

Con has been a a member of the steering committee of the financial econometrics research centre at the University of Warwick and of the Societe Universitaire Europeene de Recherche en Finance. As a research fellow of the Finance Development Centre he published widely on the regulation of financial institutions and pension systems, and also developed new statistical tools for the analysis of financial data, such as Omega functions and metrics. From 1994 to 2001, Con was chairman of the committee on methods and measures of the European Federation of Financial Analysts Societies and currently is a member of their Market Structure Commission. Con has also served as an advisor and consultant to the OECDs private pensions committee and a number of other

international institutions.

14:25 to 14:50

Jamie Jenkins, Head of Pensions Strategy,Standard Life

“The first rule of Transparency Club”

I’ll take stock of where we are and the progress we’ve made, and I’ll offer some thoughts on the differences between transparency and trust and how they inter-act. I’ll also look at some parallels from other industries and make reference to some fairly bizarre examples.

Jamie has worked in pensions for over 25 years; including Operations, Product Development, Marketing, Policy and Strategy.

He currently leads on strategy for Standard Life’s pension business, acting as government and regulatory liaison, as well as key press spokesperson on industry issues.

He was heavily involved in the work on the Retail Distribution Review and the resultant changes in sales practices across the industry. Currently, much of his time is devoted to the successful roll-out of pensions automatic enrolment and the changes in retirement flexibility introduced from April 2015.

He previously led the Corporate Pensions operation, working with some of the largest corporate benefit consultants, intermediaries and clients on the implementation and management of their pension arrangements.

He is a scheme trustee and sits on a number of regulatory and trade body councils and advisory groups.

Jamie is a regular commentator, conference speaker, blogger and Tweeter (@pensionsguy) on pensions and related topics.

14:50 to 15:15 - Refreshments and networking

15:15 to 15:40

Robin Powell,Editor,The Evidence-Based Investor

“Biting the Hand that Feeds: Journalism and The Fund Industry”

Why, in the face of overwhelming evidence that we shouldn’t, do we continue put so much faith in active fund managers? It’s partly down to human nature, but we shouldn’t underestimate the rôle of the media. Most of financial journalism is, effectively, thinly disguised marketing and PR, and it generally hinders investors rather than helping them. For example, it encourages activity when for the best course of action for investors is usually to do nothing. For me, the problem is not that investment journalists have low standards of professionalism and professional integrity. Most care very deeply about what they do and the impact it has on investment decisions.

The issue instead is a dual conflict of interest. First, the media relies heavily on advertising revenue from the fund industry; secondly, without the steady stream of “stories” the industry provides, it simply wouldn’t have enough to write and talk about.Robin Powell was a TV reporter, producer and presenter for more than 20 years, working for Sky News, ITV and for The Sunday Politics on BBC 1. He reported from locations including Baghdad, Soweto and Guantanamo Bay, and made award-winning documentaries on the Holocaust and on Britain’s Romany Gypsy community.

He is the founder of Regis Media, which provides niche content and social media management for growing fiduciary businesses. For three years he was a consultant to Sensible Investing TV, for whom he produced and presented the highly acclaimed online documentary How to Win the Loser’s Game. He also works as a brand journalist and content marketing consultant for advisers in Europe, North America and Australasia.

Robin is a member of the Chartered Institute of Journalists and was a Visiting Media Fellow at Duke University in North Carolina.

Married with two children, Robin lives in rural North Warwickshire and works in Birmingham. A former intern on Capitol Hill, Robin has supported a number of lost political causes over the years, and a few sporting ones, including Aston Villa Football Club and the England cricket team.

15:40 to 15:55

Something rather interactive!

15:55 to 16:05

Angela Rayner MP,Shadow Minister for Pensions

“Transparency and Costs: A Labour Front Bench View”

Angela Rayner is the antithesis of the Oxbridge-educated, former Special Adviser, professional politician.

For a start, she never went to university, instead leaving school (the local comprehensive) at 16 with a baby on the way after being told she would ‘never amount to anything’.

After a spell at the local FE College, Angela started working as a care worker for Stockport Council where she gained experience at the sharp end of public services. Much of her time was spent providing one-to-one care to elderly people in their own homes, looking after their personal hygiene, preparing meals, listening and showing empathy. Being human in other words. Unlike some politicians today Angela still speaks human, often using direct, plain, sometimes earthy language to get her point across.

As a care worker, it wasn’t long before her colleagues, all women, pushed her forward to represent their interests. “I was mouthy,” she says, ‘and I would take no messing from management.”

She was soon elected as a UNISON union representative, with her direct experience of low pay, long hours and zero hours contracts, eventually rising to become the most senior elected official of UNISON in the North West of England.

In 2015, Angela Rayner became the first woman MP in the 180-year history of her Ashton-under-Lyne constituency. She was soon promoted to the shadow whip’s office by the new Labour Leader Jeremy Corbyn before being handed her current position of Shadow Pensions Minister almost six months ago.

16:05 to 16:30

Tom Tugendhat MBE MP, Member of Parliament for Tonbridge, Edenbridge and Malling

“Transparency and Integrity”Tom Tugendhat was elected MP for Tonbridge and Malling in May 2015. Before Parliament, he served as military assistant to the Chief of the Defence Staff (adviser to the professional head of Britain’s Armed Forces) and contributed to publications around the world on foreign affairs and politics. Tom served in combat in Iraq and Afghanistan and with the Foreign and Commonwealth Office. He helped establish the National Security Council of Afghanistan; the first non-warlord administration in Helmand, Afghanistan; and maritime security operations along the Atlantic coast of Africa.

Tom began his career as a journalist in Lebanon before creating a public relations firm for international clients operating in Beirut, Damascus and Amman. He returned to London to work as a management consultant on financial products in EU and EU-accession nations before moving to the City as an energy analyst. He commissioned and joined the Intelligence Corps, Reserve.

Tom graduated in Theology and Religious Studies from Bristol University and went on to take an MPhil in Islamics from Cambridge University. He is fluent in French and Italian. His Arabic, Dari, Spanish and Helmandi Pashto are now pretty rusty.

16:30 to 16:35

Wrap up & close, followed by:16:35 to 18:00 Optional complimentary drinks and networking, followed by:18:00 onwards

Optional cash bar and networking at a nearby hostelry!

The programme and/or speakers may be subject to change without prior notification.

DELEGATE LISTFIRST NAME SURNAME JOB TITLE ORGANISATIONAbbie Knight Director DISCUS Ltd

Adrian Holliday Reporter Freelancer

Alexander Schindler President European Fund and Asset Management Association

Alexander Adamou Fellow London Mathamatical Laboratory


Andy Tarrant Head of Policy and Government Relations

The People's Pension

Angela Rayner MP Shadow Minister for Pensions Labour Party

Anna Walton Principal Consultant Energised Environments

Anna Devine Reporter Ignites Europe, Financial Times

Anne Taylor Director Freeths LLP

Bill Tonks Director of Audit St James's Place

Chris Connelly Principal Consultant AquilaHeywood

Christina Waider Producer Regis Media

Colin Meech National Officer UNISON - Capital Stewardship Programme

Con Keating Head of Research Brighton Rock Group

David Norman CEO TCF Investment

David Rich CEO Accurate Data Services

David Weeks Co-Chair AMNT

David Ricketts Associate Editor Ignites Europe - Financial Times

Ed Moisson Reporter Ignites Europe (FT)

Francesca Fabrizi Editor in Chief Pensions Age

Henrik Pedersen Managing Partner, Co-founder Clerus LLP

Henrik Wolff Director and co-founder PandaConnect

Iain McAra Director, GIPS CFA Institute

Jackie Beard Director of Manager Research Services, EMEA

Morningstar

James Phillips Correspondent Professional Pensions

Jamie Jenkins Head of Pensions Strategy Standard Life

Janet Walker The office of Tom Tugendhat MBE MP

Jessica Tasman-Jones Deputy Editor Centaur Media

Jill Bonehill Account Manager Chartered Institute of Payroll Professionals

John Tsalos Head of DC Strategic Alliances LGIM

Jon Beckett Author / UK Lead #newfundorder / APFI

Jonathan Lipkin Director of Public Policy The Investment Association

Josephine Cumbo Pensions Correspondent Financial Times

Judith Donnelly Partner Squire Patton Boggs LLP

Julia Dreblow Founding Director sriServices & Fund EcoMarket

Karen Worsley Final Collections British Gas Business

Liam Kennedy Editor Investment & Pensions Europe

Mark Proffitt Head of UK Sales SCORPEO UK Ltd

Mark Chidley Member Financial Services Consumer Panel

Nick Reeve European Editor CIO magazine

Nicola Harley Director, Marketing, EMEA Morningstar

Olivia Seddon-Daines Senior Research Analyst ET Index

Pádraig Floyd Freelance Journalist Money Journey Media

Paul Barnes Director, Business Analysis, EMEA Morningstar

Pauline Skypala Freelance Freelance

Pete Glancy Head of Industry Development Scottish Widows

Peter De Proft Director General EFAMA - European Fund and Asset Management Association

Phil Ninness Business Development Manager Accurate Data Services

Philip Brown Head of Policy LV=

Rachel Bond Director Byhiras

Ralph Frank CEO, DC (UK) Cardano

Richard Metcalfe Owner Metcalfe Consulting

Robin Powell Editor Evidence-Based Investor

Ruth Gillbe Reporter FTAdviser.com & Financial Adviser

Sam Lusty Director Byhiras

Sandy Knight Associate Reporter Euromoney Institutional Investor Plc

Sarah Luheshi Deputy Director Pensions Policy Institute

Saul Djanogly CEO & Founder Best Interests Consultants

Sir Vince Cable Former Secretary of State for BIS Centre for Progressive Capitalism

Sophia Morrell Media Consultant Independent

Sophie Morello Associate Partner Newgate Communications

Steve Conley Director Workplace Pensions Direct

SV Rangan Consultant Independent

Terence Prideaux MD Morley Hall

Tim Sharp Policy Officer TUC

Tina Gould Head of UK Media Morningstar

Tom Tugendhat MBE MP

Member of Parliament Conservative Party

Tony Filbin Group Chairman Capital Cranfield Independent Pension Trustees

Valentina Romeo Investment Reporter Centaur Media

Will Goodhart Chief Executive CFA Society of the UK

Notes

#transparencytf · pdf filepage 2...is an informal but increasingly influential forum...

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