Long-term effort aims to shape a more trustworthy financial industry
TORONTO, March 18, 2013 /CNW/ - CFA Institute and a team of prominent
financial industry leaders including Advisory Council Chair John Kay
have launched the Future of Finance project, a long-term global effort to shape a trustworthy,
forward-thinking financial industry that better serves society. The
project aims to provide the tools to motivate and empower the world of
finance to commit to fairness, improved understanding, and personal
integrity. Led by Kay, the advisory council is comprised of a diverse
group of experts from finance, education and media. To learn more about the project and find ways to participate, visit www.cfainstitute.org/FutureFinance.
"The global financial industry can be an extraordinary force for good,
but there is much work to be done to shape the industry for future
generations," said Kay, chair of the Future of Finance Advisory
Council. "This project is designed to engage professionals and
investors in and outside of finance to help solve problems with the
global financial system. We can affect positive change in finance, but
change starts with all of us - industry leaders, financial
professionals, government agencies, financial regulators and the
public. It's an ambitious project that aims not just to gather the best
ideas, but to make them a reality."
Statement of Investor Rights Helps Investors Demand Ethical Behaviour
As a first step, the Future of Finance project has unveiled the Statement of Investor Rights, a list of principles intended to help buyers of financial service
products demand the conduct they are entitled to expect from financial
service providers. The list applies to financial products and services
such as investment management, research and advice, personal banking,
even insurance and real estate, and is intended to help investors
demand that financial professionals abide by these rights. The document
includes rights that investors are entitled to expect such as objective
advice, disclosure of conflicts of interest, and fair and reasonable
"The Statement of Investor Rights emphasizes the concept that the
investor must always come first, and lays a solid foundation for this
project. Our plans are lofty as we develop events, publications and
significant research-based tools to reinforce the need for ethical
conduct and professional practice to restore trust and confidence in
finance," said John Rogers, CFA, CEO and president of CFA Institute.
"The Future of Finance project is a critical way for us to encourage
thought leadership and engagement, as we seek to shape a more
forward-thinking industry. CFA Institute is in a unique position to
lead this effort, promoting the highest standards of ethics, education
and professional excellence for the ultimate benefit of society."
Project Tackles Key Issues and Challenges in Finance
The Future of Finance project is focused on six primary topics of
interest for all who rely on finance, including putting investors
first; safeguarding the system; retirement security; financial
knowledge; regulation and enforcement; and transparency and fairness.
The project plans rigorous research and recommendations to address each
area, and will produce accessible tools to encourage broad adoption and
widespread change throughout the global financial system. To read more
about these topics and learn how to take action, visit www.cfainstitute.org/FutureFinance.
The advisory council will issue a call to action on May 20 at the CFA
Institute Annual Conference in Singapore, detailing the objectives and
future plans for the Future of Finance project. The call to action will
include an overview of the primary problems with finance, and how the
project will tackle those problems.
Initial members of the Future of Finance Advisory Council are:
John Kay, Economist and Author
Keith Ambachtsheer, Director, Rotman International Centre for Pension
Management, Rotman School of Management, University of Toronto
Paul Chow, Former Chief Executive, Hong Kong Exchanges and Clearing
Elizabeth Corley, CEO, Allianz Global Investors
Tom Keene, CFA, Editor-at-Large, Bloomberg News
Ira M. Millstein, Senior Partner, Weil, Gotshal & Manges LLP
Saker Nusseibeh, CEO and Head of Investment, Hermes Fund Managers
Robert C. Pozen, Senior lecturer, Harvard Business School and senior
fellow, Brookings Institution
A complete list of members of the Future of Finance Advisory Council
will be announced in May.
About CFA Institute
CFA Institute is the global association of investment professionals that
sets the standard for professional excellence and credentials. The
organization is a champion for ethical behaviour in investment markets
and a respected source of knowledge in the global financial community.
The end goal: to create an environment where investors' interests come
first, markets function at their best, and economies grow. CFA
Institute has more than 114,000 members in 137 countries and
territories, including 106,756 CFA charterholders, and 138 member
societies. For more information, visit www.cfainstitute.org.
SOURCE: CFA Institute
For further information:
CFA Institute, New York
+1 (212) 418-6889
+1 (416) 645-3648