Today, the Institutional Disclosure Working Group (IDWG) will provide an update on their progress at the Pension and Lifetime Saving Association’s (PLSA) Investment Conference. Taking place during Plenary 5 which will be live web streamed between 17:10 and 17:45 (click here for joining instructions), Dr Chris Sier will outline the group’s work thus far.
Following the Financial Conduct Authority (FCA) Asset Management Market Study, the IDWG was set up to support consistent and standardised disclosure of costs and charges to institutional investors (click for background). As part of this, one of the objectives was to gain agreement on disclosure templates for asset management services provided to institutional investors.
Dr Chris Sier, Chair of The institutional disclosure working group commented:
“Our work is underpinned by the views and insight of people representing a wide group of stakeholders – we are really grateful for their time. Our group is making progress towards improving clarity of charges for investors and we’re determined to keep up the momentum. The views and feedback from others have given us a lot to consider.
“Next steps will involve further refining our proposal for a template in the light of the feedback we have received. The agreed template will help firms present costs and charges in a consistent and standard way. We plan to present this to the FCA as soon as possible so that it can be adopted by the market and investors can benefit from the increased transparency it will provide.”
Graham Vidler, External Affairs Director at the PLSA which is a member of the IDWG commented:
“We want to see an institutional investment market that works efficiently, competitively and in the best interests of scheme members. A cornerstone of any well-functioning market is transparency. This is why we support the excellent work being done by the IDWG which is taking a rigorous approach to defining, surfacing, and measuring the full cost of investing.
“In working with the group, we are particularly focused on making sure that the data produced becomes information, usable by trustees and used by trustees to understand and manage their costs. Key to this is the development of a template which will help firms present costs and charges in a consistent and standard way. We look forward to continuing our work with the IDWG as it presents the template to the FCA so it can be adopted by the market and investors can benefit from the increased transparency it provides.”
NOTES TO EDITORS
Lee Blackwell, Head of Media and PR, Pensions and Lifetime Savings Association
T: 020 7601 1726, M: 07713 073023, E: [email protected]
Kathryn Mortimer, Press Officer, Pensions and Lifetime Savings Association
T: 020 7601 1748, M: 07901 007713, E: [email protected]
Eleanor Carric, PR Manager, Pensions and Lifetime Savings Association
T: 020 7601 1718, M: 07825 171 446, E: [email protected]
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We’re the Pensions and Lifetime Savings Association; the national association with a ninety year history of helping pension professionals run better pension schemes. Our members include over 1,300 pension schemes with 20 million members and £1 trillion in assets, and over 400 businesses. They make us the voice for pensions and lifetime savings in Westminster, Whitehall and Brussels.
Our purpose is simple: to help everyone to achieve a better income in retirement. We work to get more money into retirement savings, to get more value out of those savings and to build the confidence and understanding of savers.