Celebrated UK economist and author, John Kay, will air his harsh critique of the financial services industry next month in New Zealand as guest of the local CFA Society.
Kay is booked for a two-hour CFA luncheon at Auckland’s elite hangout, The Northern Club, on February 11 to expound on his argument that the global financial services industry has grown too big for its boots.
The noted economist, author and Financial Times columnist put the case in his latest book, ‘Other people’s money’, that an oversized financial sector has “detached itself from ordinary business and everyday life”, according to promotional material.
“[Finance] has become an industry that mostly trades with itself, talks to itself, and judges itself by reference to standards which it has itself generated,” the publishing blurb says.
Jeffrey Stangl, CFA Society NZ president, said while Kay’s views might prove controversial they “dovetail” with the organisation’s agenda to lift standards across the industry.
“We invited [Kay] to stir the pot a bit, to get people thinking,” Stangl said.
For example, he said the CFA ‘Investor bill of rights’ chimes with Kay’s agenda to restore trust in the capital markets by raising ethical standards, transparency and consumer engagement.
As well as his academic roles that include visiting Professor of Economics at the London School of Economics and a Fellow of St John’s College, Oxford, Kay is a director of a few listed companies.
Stangl said tickets were still available for Kay’s Northern Club gig, which seats a maximum of about 150. Professional continuing education credits are available for attending.