Consumer Duty: Fund Governance and the Role of the CD Champion
21 September 2023
2-3pm
Over the next year, FBC plans to address the specific implications of Consumer Duty on fund board governance and the role of Consumer Duty champions, many of whom are fund board directors.
In the first instance, FBC will be hosting a meeting of CD champions, exclusively drawn from FBC’s corporate membership. This meeting on the 21st of September will be chaired by Frank Johnson, the iNED chair of the First Sentier fund board and CD champion and moderated by FBC senior adviser Simon Hynes.
FBC expects to significant regulatory engagement during its deliberations on this important topic.
This digital event is by invite only. If you would like further information, please get in touch at contact@fundboards.org.
Contributors
Aidan is a Manager in the FCA’s Asset Management & Funds Department. He joined the regulator in January 2012 and over the past 11+ years, Aidan has worked with and supervised some of the UK’s largest asset management firms, has managed several cross-firm projects. In addition, as the former portfolio lead, he was responsible for developing the FCA’s asset management supervisory strategy.
His team works with around 35 large asset management firms, working proactively, reactively and thematically on ensuring key risks of harm are identified, monitored and mitigated.
Aidan has an MSc in Finance and Economic Development and an MA in Economics. Prior to joining the regulator, he spent five+ years working for a US investment bank in a middle office and latterly, a trading and sales capacity.
Michelle is a Lead Associate in the FCA’s Asset Management & Funds Department. She joined the regulator in 2020 and has supervised both asset management firms and distributor firms. She is one of two Consumer Duty leads for the Asset Management Department.
Prior to joining the regulator, Michelle has previous financial services industry experience having spent many years working in the Wealth Management / Advisory sector where she was also a SMF16. Michelle has also worked at a bank owned fund manager, and at one of the Big 4 accountancy firms in their Risk Advisory division.
Anu joined the FCA’s Asset Management & Funds Department in 2019, and currently supervises several large asset managers. He has worked across several multi-firm reviews, including the Assessment of Value and Product Governance. He is one of two Consumer Duty leads for the Department.
Anu has an MBA in Strategy, LLB and BSc. Prior to joining the Asset Management & Funds Department, Anu worked across the FCA in Authorisation, Policy and Enforcement. Anu also brings wealth of industry experience. He worked in various consultancies including one of the Big Four accountancy firms in their Capital and Banking division. His clients included variety of firms in the financial, and healthcare sectors.
I am the independent non-executive chair of First Sentier Investors (UK) Funds Ltd and an INED at The Pension SuperFund where I sit on the Holdings and Sponsor boards. I am also a NED at the Railway Benefit Fund, a registered charity. I was a NED at GO Investment Partners LLP for ten years to 2022, and chair in 2022. Prior to this, I was a non-executive director of the Pensions and Lifetime Savings Association (2014 – 2018) and, from 2015 – 2017, was chair of the Association’s Defined Benefit Council.
From 2004 to 2015 I worked at RAILPEN, initially as Finance Director and subsequently as Managing Director, Investments, supporting the trustee of the multi-employer rail industry pension schemes. I oversaw the investment business stream of RAILPEN, with assets under management at that time of over £20 billion. Before joining RAILPEN, I held a number of finance director posts in the transport sector. (this sentence is just moved from the very end)
I am a chartered accountant and hold a Commerce degree.
Simon joined the Fund Boards Council as a Senior Adviser in January 2022 to work on the Distributor oversight and Consumer Duty initiatives. He has extensive UK & European Investment Management distribution experience with leadership and board roles at Jupiter and Legal & General Investment Management.
His UK AFM board experience saw detailed involvement in Assessment of Value, PROD and other regulatory initiatives. He also built LGIM’s Retail sales presence in Europe and was integral to the development of its ETF business. This gave a fascinating insight into the work of European fund regulators and increased his latent enthusiasm for sharing best practice in fund governance.
Since 2020 Simon has served as a non executive director for NedGroup Investments and today also represents Circa5000 and Irwin Mitchell Asset Management in similar non exec roles.
