Regulation
Final stretch in 3-year strategy
The Financial Conduct Authority (FCA) has set out its programme of work for the final year of its 3-year strategy in its Business Plan for 2024-25. The press release provides a quick snapshot on the specific issues it will prioritise.
FCA Chief Executive, Nikhil Rathi’s, most recent speech at the Morgan Stanley European Financials Conference, picked up in the Financial Times (FT), is worth a read.
Impact insights
The latest report from specialist research and consultancy practice, NextWealth draws the line of impact between Consumer Duty and consolidation. Read key points in Professional Adviser and the full report: ‘Consumer Duty: Implications for the retail wealth management supply chain’.
Strategy approval
MEPs in the European Parliament’s economic and monetary affairs committee (Econ) have approved the EU’s retail investment strategy. Reported on in Ignites Europe, the strategy is designed to make the European market ‘more attractive by encouraging savers to invest in the real economy’.
Consumer Duty – Dublin style
The Central Bank of Ireland has published a consultation paper on its review of the Consumer Protection Code 2012, together with two sets of draft Regulations, which will replace the Code once finalised, as well as two Guidance documents. For an overview, Irish law firm A&L Goodbody, has a round-up. The consultation closes on 7 June 2024.
Market News
Palatable prospectuses
With the EU’s sustainable finance rules adding to regulatory pressure, boards are revamping fund prospectuses to make them more investor friendly, according to Ignites Europe. The article cites recent announcements from Pictet and Findlay, and comment from Deloitte on further market activity.
The influence of indexing
The FT carries an interesting article delving into the ‘huge, profitable and influential’ indexing business.
Sustainable Investing / ESG
Road to responsibility
The Principles for Responsible Investment (PRI) has published its 2030 EU policy roadmap, outlining a series of policy recommendations for how it sees the EU can accelerate private investment for economic transition. Ignites Europe calls out the PRI’s call for clarification and revision of the Sustainable Finance Disclosure Regulation (SFDR).
S in the Spotlight
The UK Government has published guidance for pension fund directors on how to consider Social factors when investing. With fiduciary responsibilities on fund boards being similar to that upon trustees (depending on fund objectives), this is worth a read.
Governance
Corporate governance vs. entrepreneurship
A recent Institute of Director (IoD) roundtable on the latest developments in UK corporate governance policy echoes Assessment of Value / Consumer Duty discussions on how to balance commercial success, while doing the right thing. Read the write-up.
People
The FCA is splitting its Chief Operating Officer (COO) and Executive Director for Authorisations roles, which were both held by Emily Shepperd, FN London reports.
CT UK Capital and Income Investment Trust has appointed former fund manager, Christopher Metcalfe, to the board. Details in Ignites Europe.
Jupiter Fund Management has appointed Siobhan Boylan, a chief financial officer at NatWest Wealth, as an independent director. Ignites Europe reports.
Longer Read
Falling foul of 1984?
Interesting read in the FT equating Wall Street’s response to climate change in the third decade of the 21st century to that of Orwellian doublethink. If this piques your interest, read more in the SSRN article on a forthcoming report from the Journal of Law and Political Economy.
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