Regulation
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.
People
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.
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