FBC Insight – A Quarterly Newsletter for Investment Governance (September 2023)

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FBC Digital Event: 

Consumer Duty: Fund Governance and the role of the CD Champion, 21 September 2023

Frank Johnson, Consumer Duty (CD) Champion and iNED chair for the First Sentier fund board, and FBC senior adviser Simon Hynes, were joined for this discussion by senior members of the FCA asset management supervision team with cross sector experience: Aiden McEvoy, Anu Upadhaya and Michelle Dodd. 

FBC Digital Event: 

FCA’s AoV Multi-firm Review: In conversation with the FCA, 6 September 2023

The FCA’s Garry Murdoch points to significant improvements in the AoV processes of the 14 firms in its second review but indicated there’s room for more. Read some of the highlights of this hour-long meeting here.

FBC corporate members can view Garry’s full comments in the meeting on-demand in the FBC member portal

FBC Digital Event and Research Note:

Exploring and maximising service provider oversight, 6 July 2023

Effective service provider oversight can provide key data and insights to inform board decision-making and, as a topic in the regulators spotlight, should be a priority. However, FBC’s latest research in this area shows that relationships with depositories, fund accountants and transfer agents are often not being maximised.

FBC Focus on: Risk Management

FBC research in 2022 identified a concern from some directors that the oversight of risk management by their fund board could be more effective. As a result, FBC has kicked off a programme of work on this topic, undertaking focus groups and survey work to explore how fund boards approach risk management, including identifying which risks are of greatest concern. If you would like to participate in our short survey on this key topic, click here.

The results will be debated at an FBC digital event on 30 October 2023 for FBC corporate members and invited guests, including insights from Vicky Kubitscheck, fund board Non-Executive Director and Board Advisor specialising in risk, regulation and governance. FBC corporate members can register here.


Senior public policy adviser at Schroders and incoming iNED Chair on a UK fund board, Sheila Nicoll, provides her valuable insight on the EU Retail Investment package, including the similarities and dividing lines between the UK AoV.

Assessment of Value


iNED Remuneration Study 

Governance professionals from across the asset management industry can now directly benchmark their firm’s compensation arrangements for independent directors (iNEDs) on the board of their Authorised Corporate Director (ACD) with those of their peers. FBC’s iNED Remuneration Study is now available to non-member firms. More details are here.

For further information on participation in the FBC iNED Remuneration Study, please contact FBC Managing Director, Catherine Battershill at cbattershill@fundboards.org.


Artificial Intelligence (AI) in the boardroom

With the rapid increase in interest and use of Artificial Intelligence (AI), FBC hosted its first digital workshop introduction to AI’s relevance to, and potential use in, fund board effectiveness and administration. This event specifically focused on its use in the creation of board minutes and board packs, with input from industry expert Michael Kollo from Evolved Reasoning. Read more on this event, attended by FBC corporate members and invited guests.

For further insights on the topic, M&G Business Manager for Europe, Tarne Bevan – who was one of the initiators of the FBC workshop, along with Board Secretary at Capital Group Birgit Moeltner, provide a practitioner’s commentary.


Stewart Aldcroft

Aldcroft on Asia Pac

Stewart Aldcroft, Hong Kong resident, veteran of the Asian asset management industry and member of the FBC Advisory Council, dedicates his column inches this quarter to focuses on the lowering of mutual fund fees and the changing financial landscape in China


Phil Wagstaff, recently established portfolio iNED and industry veteran of three-decades, speaks to FBC on a number of key and contemporary issues. 

In his wide-ranging interview, Phil touches on topics including the value he sees in the FCA’s Asset Management Market Study and the impact that recent regulation like Consumer Duty is going to have on the wider asset/wealth management  sector. Watch the interview here.


FBC is committed to being a responsible business and is proud to have recently joined Heart of the City. We are excited to complement its established charity giving programme. Read more details on FBC’s responsible business journey


In the News

In case you missed the FBC news blog last week, here are the three most read articles by FBC corporate members:

Value chain variation

As consumer duty continues to come into its own, this Investment Week article looks at the impacts across the value chain.

Progress panel

In a special roundtable to discuss Citywire’s latest Alpha Female report, an expert panel examines why more women are not progressing to fund management roles, and what can be done about it.  

Trying tiering

BlackRock’s introduction of tiered pricing for 41 of its UK retail funds has been met with mixed reactions from analysts, due, to its complicated structure, according to Investment Week.

FBC Calendar

Date: 30 October

Time: 2-3pm BST

Risk Management Oversight panel discussion

Presentation and discussion of new FBC research exploring how fund boards approach risk management oversight, to identify good practices and areas for improvement. With fund board Non-Executive Director and Board Advisor specialising in risk, regulation and governance, Vicky Kubitscheck. 

FBC corporate members can register here.

Date: 14 November 2023

FBC Chairs Council Meeting

With Camille Blackburn, the FCA’s head of asset management supervision and policy, and a follow-on panel discussion of peer CEOs/Chairs. This session is by invite only.

Date: 5 December 2023

Time: 2-3pm BST

Authorised ESG & Sustainable Investment Funds – Quality, Clarity and Oversight

The FCA’s Christopher Davis, Head of Asset Management & Funds Market Interventions, and Fiona Law, will join this FBC corporate member discussion on authorised ESG and sustainable investment funds.

FBC corporate members can register here.