London School of Economics: Lunchtime Workshop on Benchmarking and Metrics for Bank Ethics and Behaviour

24 04 2014

The Conduct Costs Project of the London School of Economics (LSE) is hosting its first Lunchtime Workshop on Benchmarking and Metrics for Bank Ethics and Behaviour on Wednesday 14th May 2014. Confirmed Speakers include Tom Sleigh (Banking Standards Review), James Palmer (Herbert Smith Freehills LLP) and Tania Duarte (LSE Conduct Costs Project). Professor Roger McCormick – Director of the LSE’s Conduct Costs Project – will chair the event. Attendance at the Lunchtime Workshop is free of charge, but attendees must please book a place by sending an email to T.M.Maia-Campos-Duarte@lse.ac.uk no later than 2nd May. The event shall take place at the LSE, New Academic Building, The Wolfson Theatre. Attendance is free. However, if you are interested in helping to fund the Project’s activities please get in touch with the Project Director Professor Roger McCormick at r.s.mccormick@lse.ac.uk or by telephone on 07802 604 316.

Tom Sleigh, Banking Standard Review

Tom works for Lloyds Banking Group (LBG), where he spent two years as Chief of Staff to the Managing Director for retail and wealth customer products. On joining he oversaw the expansion of the team to include Intermediary distribution, Halifax Share Dealing, Scottish Widows Bank and the Customer Insights research team, to become 3,000 staff strong across multiple UK sites.

Prior to this Tom was Chief Advisor to the COO at the BBC, and began his career at strategic consultancy Booz Allen Hamilton.

LBG seconded Tom to the Banking Standards Review, working for Sir Richard Lambert, with the goal of establishing a new body to raise standards of competency and conduct in UK banking.

He is also an elected member of the Corporation of the City London, the City’s Local Authority, and which represents the UK financial services sector and promotes London as a financial centre around the world.

Tom is also an elected Member of the Court of Common Council, the supervisory body of the Corporation of London, where he sits on a variety of committees including Planning and Transportation, Children’s and Community Services, in addition to supervising the management of the City’s investment portfolio.

Tom achieved an MA in Social and Political Science at Cambridge University, and was a Fulbright Scholar at Harvard University where he focused on foreign policy in addition to several business management classes. He retains a keen interest in politics, economics, current affairs and foreign policy.

James Palmer, Herbert Smith Freehills

James Palmer is a partner at Herbert Smith Freehills. He joined the firm in 1986 and has been a partner since 1994 with a practice focussed on a wide range of corporate transactions, including takeovers and securities offerings as well as corporate governance and regulatory advice. He was Head of Corporate at the firm from 2010-2012.

He joined the City of London Law Society’s Company Law Sub-Committee (CLLS) in 1994 and was its Chairman from 2002-2006, during the development and enactment of the Companies Act 2006, in which he was closely involved. Since 2002 he has chaired the CLLS/Law Society’s specialist Takeovers Working Party and is a former member of the Law Society’s Financial Services Regulatory Sub-Committee. In 2008 he was appointed by the FSA board to the Listing Authority Advisory Committee (now an FCA Panel) which he has chaired since 2012. He was also appointed as one of the first members of the FCA’s new Market Practitioners’ Panel, focussed on wholesale markets. He was one of the “friends” of Professor John Kay’s 2012 Review for the UK Government of UK Equity Markets and Long Term Decision Making. He is a member of the Disciplinary Committee of the Irish Stock Exchange. He is a trustee of the public policy research charity and think-tank, Reform.

He is a past contributor to Buckley on the Companies Acts and to Hannigan and Prentice’s commentary on the Companies Act 2006; he is a General Editor of Butterworth’s Takeovers: Law and Practice. He regularly lectures on corporate and financial services regulatory issues. He is a member of the Practitioner Advisory Board for the Cambridge University MCL course.

He advises clients across all sectors, in particular listed companies such as BP, BAT and others, but he has particular experience of financial services clients and regulatory and governance issues. Last year he co-led the team advising Sir Anthony Salz on his independent review of Barclays’ business practices. He regularly advises on interactions between business and governments and regulators. He is listed in all the leading directories as one of the leading lawyers in London in the fields of corporate, equity capital markets, mergers and acquisitions and corporate governance.

Tania Duarte, LSE Conduct Costs Project

Tania Duarte is the Project Manager of LSE’s Conduct Costs Project. She is also a Financial Research Analyst of the Project. Tania joined the LSE Conduct Cost Project during 2013 and she has also been responsible for managing the Project’s social platforms.

Tania has 9 years of work experience in sustainable management. She holds an Investment Management Certificate qtânia-campos-duarteualification and an MBA from the Porto Business School, with a Finance Specialization. Tania also achieved a Post-graduate degree in Sustainable Development and a 5 years degree in Engineering from the University of Porto.

Previously, Tania worked as Sustainable and Environmental Manager of a multinational company and was a member of the company’s sustainability council. Tania managed, influenced and led teams across the company. She developed a strong relationship with the internal stakeholders and promoted the best practices by fully engaging and involving the teams in sustainable decision-making processes.

Roger McCormick, LSE Conduct Costs Project

Roger McCormick is a Visiting Professor at the London School of Economics, where he runs LLM courses on Legal Risk in Financial Markets and Project Finance. He is also Director of LSE’s Sustainable Finance Project and Conduct Costs Project. The second edition of his book, Legal Risk in the Financial Markets was published by Oxford University Press in December 2010.

Roger retired from full-time private legal practice in 2004, having practised law in the City of London (principally as a partner of Freshfields) for nearly thirty years.

Roger is a past co-chairman of the International Bar Association’s Banking Law Committee and recently contributed the UK chapter to the IBA’s Task Force Report on the Financial Crisis (October 2010). He is also a past Chairman of the Banking Law Sub-committee of the City of London Law Society.

Roger recently advised the Guernsey Financial Services Commission on various aspects of legal risk management and the preparation of a Guidance Note on that topic.

According to a review published in January 2012:

a legal analysis of a very high standard, offering a perfect blend of theory, academic discussion and views from practice on the nature and impact of legal risk in the context of financial markets.

The Discussion Paper for the Lunchtime Workshop on Benchmarking and Metrics contains the following introduction:

The CCP Lunchtime Workshops

The LSE Conduct Costs Project (“the Project”) has, over the past year, published the initial findings of its research into bank “conduct costs”. (See the LSE’s Conduct Costs Blog). While the quantitative aspects of the Project continue to find value in their application within conduct risk management, there has been equal interest in developing the broader, more qualitative, lessons that relate to this research. Further, as the Project expands to include data from more years, more jurisdictions and more banks, these lessons will become of even greater relevance.

To this end, the Project will be hosting a series of lunchtime workshops whose purpose will be to facilitate discussions (on a Chatham House basis) on discrete topics relevant to conduct risk and conduct costs. The objective is to provide a forum for debate on the key issues and to contribute to the evolution of best practice and professional standards.

Throughout the series, the Project team will circulate, prior to each workshop, a discussion paper on the topic. A panel will be invited to offer their insights on the chosen topic with a view to engendering debate and the exchange of experiences and ideas.

Following each workshop, the Project team will circulate a draft briefing note, reporting (on a non-attributed basis) on the matters raised and discussed during the workshop. The briefing note will be circulated to all participants. Recipients will be invited to offer their feedback, which will in turn be fed back to all participants, in the spirit of mutual co-operation and professionalism.

Moreover, the Discussion Paper explains that:

In November 2013, the Project published a “league table” and detailed supporting data of conduct costs for 10 major banks over a period of five years ending December 2012. The data will be updated to include figures for 2013 in mid-2014. Additional banks will also be included in the exercise as the year progresses.

The Lunchtime Workshop will answer several important questions about the culture of banks, the legacy of conduct costs, guiding principles in relation to benchmarking, measurement of key indicators and acceptable levels of conduct costs.

The full Discussion Paper is available here and the invitation to the Lunchtime Workshop is available here.


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