Fortnightly News Blog – 18 April 2023

Not yet subscribed?

Keep up to date with the latest handpicked articles, interviews, features and FBC news.

Subscribe to Fund Boards Council news

Enter your details below to receive the latest news and events by email.
  • Fund Board effectiveness ,  
  • FBC News ,  
  • Newsletters


Strategic steps 

The Financial Conduct Authority (FCA) has published its Business Plan, documenting how it will deliver on the second year of its Strategy. Ignites Europe hones in on the regulators sharpened focus on firm resilience here

Consumer Duty consequences 

Heightened regulatory requirements for advice firms with in-house investment management, including the production of a value assessment, are reported on in Money Marketing. Could this reverse the trend towards IFAs running their own model portfolios? 

Ten new fields have been added to the European Mifid template (EMT) to help fund firms meet the UK’s new Consumer Duty requirements, reports Ignites Europe

Funds Europe speaks with UK and European players about the UK Consumer Duty and asks if this regulation will ultimately hit Europe – take a look at the article for the commentary, including views from our own Fund Boards Council senior adviser, Brandon Horwitz.  

Sustainable Investment / ESG 

Sustaining priorities  

Luxembourg’s financial supervisor CSSF has presented its priorities in the area of sustainable finance. Its plans for site inspections on climate change and ESG risk is focused on in Investment Officer.  

ESG edit 

Potential amendments to the regulatory technical standards underpinning the Sustainable Finance Disclosure Regulation (SFDR) are out for review. Respond by 4 July 2023, on the new consultation paper from the European Securities and Markets Authority (ESMA). Ignites Europe reports on ‘SFDR 1.5’. 

Mergers & Acquisitions 

Wealth manager merger 

Rathbones has agreed to buy Investec Wealth and Investment UK for £839mn, bringing together two of Britain’s biggest wealth managers. Read further details in the Financial Times.   

Apex acquisition 

MJ Hudson has sold its two remaining business operations to Apex Group. This includes its data and analytics and business outsourcing as well as its management company services in Ireland and Luxembourg. Read a comprehensive report in Investment Officer.  

Industry News  

 Fee fall 

Hargreaves Lansdown has scrapped customers fees for investing in shares, investment trusts and ETFs through regular savings, Citywire reports.  

Equity exposure 

At a recent shareholder meeting, Scottish Mortgage managers Tom Slater and Lawrence Burns were called on to respond to comparisons to Neil Woodford’s former LF Woodford Equity Income fund regarding its private equity exposure. Read the details in Investment Week


Valley reverberations 

The collapse of Silicon Valley Bank continues to send ripples through industry ranks: Janus Henderson Investors Director, Alison Davis, stepped down due to her links with the failed bank Ignites Europe reports, and Alecta, Sweden’s largest pensions manager, has sacked its chief executive officer after it was hit with losses of nearly $2bn (€1.85bn) due to its large investments in US lenders including Silicon Valley Bank here.  

Talent trends 

The need for regulators to keep apace in the City talent war is reviewed in the FN London commentary article by Lord Wei of Shoreditch, Future Planet Capital advisory board member and architect of Regulate Next

Office obligations 

As some organisations are reportedly requiring increased office presence, FN London reports on the HR executive view and how attendance may be part of the pay equation. 

Several of the news outlet cited in this blog require registration or subscription. Also, FBC takes no responsibility for the accuracy or quality of the news in the links provided above, and nor are the views and comments representative of FBC or its members, unless expressly stated. Content stored on the FBC portal is freely accessible for FBC members.