Fortnightly News Blog – 20 February 2024

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


Consumer Duty concerns

Consumer Duty continues to be firmly in the regulatory spotlight, with the Financial Conduct Authority (FCA) publishing its paper on Consumer Duty implementation: good practice and areas for improvement, and the findings of a small firm survey on the topic. It has also raised concerns about firms not providing an annual review for clients paying ongoing advice fees, particularly in light of the regulation. Read the FCA statement and Citywire reporting.

Reform reproval

Economic Secretary to the UK Treasury, Bim Afolami, responded to criticism that proposed reforms to UK listing rules will dilute the strong governance reputation of the UK stock market in an article in the Financial Times (FT).

Sustainable Investment / ESG

Fiduciary duty 

Following the call by the UK government to the Financial Markets Law Committee (FMLC) to help clarify the current legal position of how and if sustainable investment aligns with fiduciary duty, the dedicated working group of expert legal and pension professionals led by High Court judge Sir Robin Knowles, has delivered its findings in a final report. Read an overview in Professional Pensions and the full report here: ‘Fund Trustees and Fiduciary Duties: Decision making in the context of Sustainability and the subject of Climate Change’.

Market News

AI strategies in aim

The UK Treasury has requested an update on the FCA’s strategic approach to Artificial Intelligence (AI), by 30 April 2024. Read the details in the Letter from DSIT Secretary of State and the Economic Secretary to the Treasury and City Minister to the Financial Conduct Authority.

Sole standing

Virgin Money has taken sole ownership of Virgin Money Investments, which was previously a joint venture with abrdn, Investment Week reports.

People Focus

The FT has a profile on Gary GenslerSecurities and Exchange Commission (SEC) chair, delving into his actions, including the introduction of new rules and criticism on staff turnover.

Longer Reads

Grey swans

Worth a read for consideration in risk management / scenario analysis, this article on grey swans looks at these rare but potentially high impact events.

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.