At FBC’s meeting for Corporate Members, the FCA confirms its areas of priority for fund boards in 2022 will be: Assessment of Value (AoV), fund liquidity, product governance (including distribution oversight and Consumer Duty) and ESG. Underpinning all of these areas will be the FCA’s continued focus on the overall effectiveness of fund boards.
The year that was
2021 was an action-packed year for fund board directors and FBC was right there with its members working closely with them to help them navigate the evolving governance landscape. This timeline summarises the main industry events, FBC meetings and initiatives to which its corporate members have full access.
For more information about any of the initiatives below or how Fund Boards Council can support your fund board, please contact us.
This event provided a forum to discuss some of the key Responsible Investment questions facing Authorised Fund Managers (AFM), including the current responsibilities of both AFM board members and senior executives. With speakers from Liontrust, HSBC Asset Management and SJP, we had a lively discussion touching on key themes including culture and value, evidencing responsible investment to fund boards and how ESG activities are considered in the AoV process.
In this session, we spoke to leading fund governance practitioners – both board directors themselves and those involved in board evaluation – to examine the key attributes and characteristics of an effective fund board.
During 2021, FBC has conducted Board Assessment Reviews and consultancy projects on behalf of its corporate members and clients, providing a detailed examination of the effectiveness of their fund boards on areas such board structure and composition, role of fund board and engagement with wider governance structure, board processes, board behaviours, succession planning and iNED recruitment.
FCA publishes its feedback from first round of asset managers’ Assessment of Value, more reviews expected in 2022.
Ensuring the voice of the customer is heard effectively in the boardroom is not an easy task, particularly in a heavily intermediated industry such as asset management.
In this Digital Meeting, we looked at examples of good practice in this area and examined how the effective use of research, data and customer-centric processes are influencing the work of fund boards.
More than 20 hours of expert discussion on key fund governance topics with 44 speakers and contributors from the UK, Europe and the US.
• Includes a keynote session by four of the leading architects of the FCA’s Asset Management Market Study in which they discussed at length the FCA’s latest thinking on Purpose and Culture, Diversity, Assessment of Value and Product Governance topics.
• FBC conducts a series of individual, bespoke Product Governance workshops with corporate members throughout the year.
This feedback, representing the findings from a review of eight asset managers, included failings in product design, shortcomings in product testing, weak due diligence and oversight of distributors and examples of poor governance.
- Throughout 2021, FBC has helped firms with consultancy and training on product governance, with a focus on addressing the findings in the FCA review. This includes reviewing firms’ product governance arrangements, identifying gaps and helping firms to agree priorities to address these gaps.
We looked at the evolving regulatory environment across Europe and the implications for effective governance for directors of London, Dublin and Luxembourg-based funds. We examined recent regulatory updates – in areas such as substance and accountability – and firms’ responses to them as well as discussing the implications for directors, particularly those with roles on boards in multiple jurisdictions.