New: Transparency Task Force's Market Integrity Team

PRESS RELEASE 28/11/2016: 

THE TRANSPARENCY TASK FORCE IS TO LAUNCH A NEW MARKET INTEGRITY TEAM 

The new Team’s first leader is Steve Conley, MD of Workplace Pensions Direct, CEO of Values Based Adviser (plus former head of investments at HSBC, and also former Chair of the British Bankers’ Association Bancassurance Steering Group in the run up to RDR.) 

Steve explains: 

“The overall purpose of the Transparency Task Force is to drive up the levels of transparency in financial services, for the benefit of consumers and to help fix the self-inflicted reputational damage the sector has been suffering, for decades. It has become clear that many of the sector’s failings have their root in a lack of market integrity, and that’s a dangerous and systemic risk that needs to be mitigated. We want to shine a light on this issue in a constructive way, because it only takes a few ‘rotten apples’ for the well-being of the whole market to be damaged. 

As such we shall now extend our scope of interests to include those thorny issues that can be captured under the heading Market Integrity; including fairness, stakeholder orientation, fiduciary duty, personal integrity, business ethics, data security and sustainability. 

It has been my personal mission since I left the banks in 2012 to do whatever I can to restore trust in an industry that is the least trusted globally, where trust is the be-all-and-end-all for our clients. I’m highly motivated to do my bit to improve things so I’m delighted to be leading this new activity for the Transparency Task Force. 

We’ll aim to raise levels of personal integrity and business ethics. You’ve only got to think of the reluctance that some have to put the interests of the client first to recognise how much needs to be done. It’s shocking really, but we are where we are. I know many others feel the same way and our initial priority will be to look for other volunteers to form the core of the new team. The first discussions will be about scope, priorities, objectives, time-scales and so on. I think this could get very interesting and I’m looking forward to driving forward some real progress. 

I imagine we’ll deal with matters such as: 

• Identifying the root causes of miss-selling
• Acting in good faith and in the best interest of customers
• Maintain independence, objectivity and impartiality
• Abiding by rules, laws, regulations and the spirit behind them
• Dealing fairly, objectively and impartially with stakeholders
• Maintaining confidentiality and data integrity
• Whistleblowing

We’re sure that if we can foster greater market integrity it will ultimately lead a healthier sector, so we should be something of a ‘force for good’. 

Andy Agathangelou, Founding Chair of the Transparency Task Force comments:

 “Steve is very much the driving force behind this development and it will fit neatly into what the Transparency Task Force is all about – it’s a very positive development indeed, and I’m very grateful to Steve for putting his considerable energy, expertise and experience into the project. Interested parties should get in touch through [email protected] ”       

 ENDS.

Notes to Editors:

 About the Transparency Task Force 

The Transparency Task Force is a campaigning community dedicated to driving up the levels of transparency in financial services, right around the world. We believe that higher levels of transparency are a prerequisite for fairer, safer and more efficient markets delivering better value for money and better outcomes to the consumer. 

Furthermore, because of the correlation between transparency and trustworthiness, we expect that our work will help to repair the self-inflicted reputational damage that the financial services sector has suffered for many years. Opacity is a festering sore on the face of financial services. It needs to be treated. 

Our approach is collaborative, cooperative and consensus-based. We are striving for a win/win/win, whereby the consumer, market participants and the efficacy of government policy all benefit as a direct result of the work that we do. 

Our initial focus of attention is the workplace pensions market as it offers the opportunity to positively impact the welfare of millions of people in old age. We are calling for the pensions and investment industries to place much greater emphasis on transparency and value for money moving forward, in line with the direction being given by governments and regulators around the world. This will be welcomed by all right-minded market participants, pro-consumer professional associations and trade bodies. 

About Steve Conley 

Steve is: 

• Managing Director of Workplace Pensions Direct www.workplacepensionsdirect.co.uk  which simplifies auto enrolment for small businesses directly and through a national network of 500 business advisers
• Chief Executive of Values Based Adviser www.valuesbasedadviser.com an international operation helping individuals connect with values-based advisers, organisations and investments, and helping social entrepreneurs in developing countries set-up values-based investments 
• Director of Investors in Community www.investorsincommunity.org a unique new way for both organisations and individuals to find projects that matter, give to our communities and see the impact 
• Director of The Blair Project www.theblairproject.org using motorsport as a tool for engagement to enthuse and inspire young people to pursue careers in science, technology, engineering and digital industries 
• Former Head of Investments of HSBC 
• Former Head of Savings & Investment Strategy RBS Group 
• Former Head of Wrap & Innovation Santander 
• Former Chair of British Bankers’ Association Bancassurance Steering Group
• He has worked at a senior level in the pensions and investments sector since 1982 and is known for bringing the first wrap platforms and the first retail multi-asset funds to the UK. He has been a chartered insurance professional since 1989, twice Jubilee Prize winner at IIM and twice Broker Prize winner at BIIBA. 

About Andy Agathangelou

 Andy is:

• Founding Chair of the Transparency Task Force www.transparencytaskforce.org which is campaigning for greater levels of transparency in financial services, right around the world
•  Founding Chair, the Technology Task Force
•  Chair, Pensions BIB, the collaborative group that created the free and open data standard for auto enrolment www.papdis.org to help drive up efficiency and data security in the payroll and pensions markets
•  Governor, the Pensions Policy Institute www.pensionspolicyinstitute.org.uk
•  Member, Advisory Board to the Investment Association’s work on Cost Disclosure
•  Former Founding Chair, Friends of the Association of Member Nominated Trustees www.amnt.org which represents lay trustees involved with the effective stewardship and governance of occupational pension schemes. Successes include the Red Lines Voting initiative
•  Former Founding Chair, CIPP’s Friends of Automatic Enrolment www.friendsofae.org which has brought together market participants involved in implementing the Government’s AE policy.

He has worked at a senior level in the pensions and investments sector since 1986 and has developed a reputation for bringing together influential and collaboratively-minded people to help overcome market challenges.