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FBC Insight – A Quarterly Newsletter for Investment Governance (June 2024)

Date added: 28 June 2024
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FEATURES & ANALYSIS

FBC Digital Event / FBC Research: Evaluating Fund Board Effectiveness

23 April 2024

As part of a programme of work examining how asset managers are approaching board reviews for their ACDs, FBC has launched a Fund Board Effectiveness Barometer, providing comparative data to participating fund boards.

Catherine Battershill, also hosted a digital event on the topic with Daniel Rotherford from HSBCFrank Johnson from First Sentier Investors (UK) Funds Ltd and FBC’s Elizabeth Marsh, exploring good practice examples, along with some initial insights from the Barometer.

For more on the FBC Fund Board Effectiveness Barometer and the insights available, click here.

FBC members can watch the recording or listen to the podcast of the digital event here.

FBC Event / FBC Research: Consumer Duty: New FBC Research and Panel with the FCA

10 June 2024

FBC senior adviser, Brandon Horwitz, presented some key findings from FBCs forthcoming research paper on the Consumer Duty. This was followed by a panel discussion with the FCA’s Chris Douglas (responsible for supervising a portfolio of large and medium sized asset managers), and M&G‘s Laurence Mumford  (chair of the fund board).

Read more here.

FBC members can view the recording on-demand here

FBC In-person Event: iNED Council Meeting

14 May 2024

The FCA’s Director of Wholesale Buy-Side, Camille Blackburn, provided the keynote and Q&A for this in-person session. This was followed by a panel discussion on independent directors’ accountabilities in relation to key regulatory developments as well as exploring the evolving role of a fund board iNED more widely.

FBC members can read the write-up on this event here.

FBC Digital Event / FBC Research: Fund Board Oversight of Liquidity Risk Management

16 April 2024

FBC senior advisers, Peter Christmas and Brandon Horwitz, discussed some of the key findings from FBC’s latest research into the oversight of liquidity risk management by fund boards, part of a programme of work in risk management.

Spotlight

FBC launches new Senior Governance Group

Following requests from members, FBC is creating a new forum for senior governance professionals and company secretaries to share insights and expertise on key fund governance topics.

Fund Boards Council supports charities

Find out more on what members can expect from the group here.

Cross Border Insights

This quarter, Sheenagh Gordon-Hart Independent Director at the Director’s Office, focuses on the changing political landscape, the Letta report and ESMA’s follow up position paper.

Read Sheenagh’s thoughts here.

Stewart Aldcroft

…. Aldcroft on Asia Pacific

Stewart Aldcroft Hong Kong (HK) resident, veteran of the Asian asset management industry and member of the FBC Advisory Council, has a full provides his regular HK round up this quarter, covering regulatory updates, fund sales and eMPF launches.

Read Stewart’s full article here.

FBC in the Community

FBC 2024 Charity Challenge

To support FBC’s chosen charities for 2024, the FBC team is undertaking a 1120km challenge. Representing the distance between the team’s remote working locations, we are running, walking and cycling the equivalent distance.

Board Business

In the news

In case you missed out on the most recent FBC blog, here is a snapshot with the three most read articles:

On the pulse

The Schroders 2024 UK Financial Adviser Pulse Survey reveals the current views of financial advisers on topics including challenges facing financial advisers, strategic thinking and the direction of travel for the industry. Money Marketing reports the impact the Consumer Duty the research reveals.

Policy perspective

The European Supervisory Authorities (ESAs), has published a joint opinion on the assessment of the Sustainable Finance Disclosure Regulation (SFDR). The group, which consists of the European Securities and Markets Authority (ESMA), European Banking Authority (EBA) and the European Insurance and Occupational Pensions Authority (EIOPA), called for the Article 8 and 9 fund categories to be replaced by two voluntary product categories for green funds under the EU’s Sustainable Finance Disclosure Regulation. Financial News has the details.

AI in hand

Nikhil Rathi, chief executive officer of the FCA, voiced the regulator’s current work on their engagement with “big tech” firms and data providers to establish how it should approach the regulation of Artificial Intelligence. Ignites Europe reports on the speech at the recent Investment Association annual conference.

FBC Calendar

Date: 10 September 2024, 2-3pm UK time

Assessment of Value (AoV) and Economies of Scale

Latest FBC research with a focus on how firms are addressing Economies of Scale & questions about profitability, with a panel of fund board executive and non-executive directors. More information here.

FBC Corporate Members can register here.

Date: 11 September 2024, 12-1:30pm UK time

CEO Roundtable

Following on the positive reception of the inaugural FBC CEO Roundtable in May, we are very pleased to confirm that the second will take place on 11 September 2024.

More information here.

By invitation.

Date: 15 October 2024, 2-3pm UK time

Artificial Intelligence – risks and opportunities for fund boards

With AI rapidly becoming embedded within fund management businesses, we be discussing what questions fund boards should be asking to understand emerging risks and opportunities (with a panel of fund board executive and non-executive directors).

More information here.

FBC Corporate Members can register here.

Date: 29 October 2024, 2-5:30pm UK time

Edinburgh Roundtable

FBC is hosting its inaugural Edinburgh Roundtable on 29 October 2024. The afternoon will include a session with the FCA.

More information here.

By invitation.

Date: 5 November 2024, 2-3pm UK time

SDR – fund board readiness

With the 2 Dec 2024 deadline in sight for naming and marketing rules under the Sustainability Disclosure Requirements (SDR), the FCA’s Chris Douglas (Manager, Asset Management) will be joining us to discuss how prepared fund boards are to oversee both labelled and non-labelled funds.

More information here.

FBC Corporate Members can register here.

Date: 14 November 2024, 2-5:50pm UK time

Senior Managers & Directors Conference

This has become a key established in-person event within the FBC membership calendar.

Kindly being hosted by BNY Mellon, we have a panel of regional regulators confirmed, including senior representation from the FCA, the Commission de Surveillance du Secteur Financier (CSSF) and the Central Bank of Ireland (CBI). The full agenda will be firmed up in the coming months.

By invitation.

Date: 25 November 2024, 2-3pm UK time

Surviving a Liquidity Risk Event

You never forget your first liquidity event as a fund board director … we will be discussing ‘war stories’ with a panel of executive and non-executive directors as part of FBC’s programme of liquidity risk management research started earlier in 2024 (see here for more).

More information here.

FBC Corporate Members can register here.

Date: 3 December 2024, 2-3pm UK time

Impact of the Changing UK Regulatory Regime

Lead by FBC senior adviser and non-executive director, Brandon Horwitz, this FBC member digital meeting will focus on the impact the changing UK regulatory regime for funds is having on fund boards.

More information here.

FBC Corporate Members can register here.

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