Iain Clacher

Schroder BSC Social Impact Trust* yesterday published its annual report, describing how the portfolio manager, Better Society Capital, provides incremental capital to support high-impact organisations that are delivering critical services to address social needs across the UK, while providing shareholders with a financial return. The fund's structure as an investment trust listed on the London Stock Exchange provides daily liquidity for this portfolio of illiquid investments, and at any transaction size. My favourite part of the report is the updated impact map. Highlighted below is SPRING, a successful social prescribing programme in Northamptonshire that helps people with long-term health conditions make lifestyle changes and improve their self-care habits. This improves their health outcomes and saves money for the NHS. The investment in SPRING is delivered through Bridges Outcomes Partnerships in the form of a social outcomes contract. Your capital is at risk, and most people should consult with their #financialadviser before investing. *I am a director and shareholder of the Trust. https://lnkd.in/eDFtGe99 #impactinvesting #socialimpact #socialprescribing #wealthmanagement Schroders James Lowe, CFA Hermina Popa, CFA Jeremy Rogers Katherine Dockreay Susannah Nicklin, CFA Alice Chapple Mike Balfour Ranjan Ramparia Lisa Ferris Emma Jones Cazenove Capital

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This survey of defined benefit pension funds by investment consultant LCP says there is broad support among UK pension fund trustees for an interpretation of fiduciary duty that includes the need to consider the impact of investments on the world's climate, and not just the impact of climate on the pension fund's investments. This is the difference between "single materiality" (inbound impact) and "double materiality" (inbound + outbound impact), and the conventional interpretation of fiduciary duty for pensions in the UK is that only the first is allowed. The survey reveals that 44% of trustees think that double materiality is already allowable, and an additional 25% of trustees think it should be. UK companies are required under the Companies Act 2006 to consider the impact of their operations on society and the environment. Why wouldn't pension funds, which have a social mission and are beneficiaries of the public purse through tax privileges, also have the same obligation? Pensions minister Paul Maynard has already announced plans to review fiduciary duty, let's hope it is a priority for the new government. #fiduciaryduty #impactinvesting #pensions #climatechange Aaron Punwani Impact Investing Institute Stuart O'Brien https://lnkd.in/eAPSKrE9

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📢#MMIteractive24 Leeds - The FCA: Retirement Income Review 🕰️ When: 4:15 PM | 24 October In 2023, the FCA launched a thematic review of retirement income advice to evaluate how well consumers are meeting their income needs and how firms are adapting to rising living costs. Join Kate Tuckley for an in-depth look at the findings and implications of this review. Discover how the FCA is assessing the retirement income advice market and what it means for the future of financial planning at #MMInteractive24. This is your last chance to register! 👉 https://lnkd.in/gf_yBtvK #RetirementIncome #FCAReview #FinancialAdvice #ConsumerProtection

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We are thrilled to announce that our highly sought-after course, "Integrating Climate in Credit Risk Modelling," is now open for public dates! 📅 Course Schedule: • Part 1: 19 September 2024, 09:30 – 13:00 UK Time • Part 2: 20 September 2024, 09:30 – 13:00 UK Time Don't miss this opportunity to deepen your understanding of how climate factors impact credit risk. Join us for an insightful and interactive learning experience with an industry expert. 🔗 Learn more and register by checking the comments below. #ClimateRisk #CreditRisk #SustainableFinance #ESG #ProfessionalDevelopment #FinanceCourse #RedcliffeTraining

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You have to have identified an opportunity to invest in! How do firms investment opportunities differ across UK regions? There are huge debates currently underway in the UK about lack of investment and low productivity and spatial differences in both. To improve this situation firms need to have identified an opportunity in the first place. Myself and Nick Wilson present new evidence which suggests that this varies significantly across the regions of the UK and highlights that many peripheral and underperforming regions are not short of investment opportunities. This suggests that firms face barriers to acting on their opportunities and this is holding back their regions economic development. #ukinvestment #ukproductivity #scottishnationalinvestmentbank #departmentforbusinessandtrade #britishbusinessbank #walesdevelopmentbank #investni #esrc

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It's the best time to refresh your skills 🔄 https://lnkd.in/e6SaS_JU   Last month, CFA UK launched the IMC Refresher - a series taking the tools our IMC qualification teaches you and applying them to new, emerging regulation.   🎄 With the holidays approaching, now is the best time to update your skills in these crucial areas to upgrade your career for a new era of investing.   #professionallearning #imc #wegrowtalent

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Dave Ramsden provides an update on his assessment of the evidence on what has caused the UK’s inflation. The evidence covers the key indicators of inflation persistence and associated analysis and what this implies for the extent to which the risks from persistence are receding. Read more here: https://b-o-e.uk/3UnIyI5

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The Financial Conduct Authority (FCA) has published a Consultation (CP24/7) on one of the seven recommendations made in the July 2023 HM Treasury Investment Research Review (IRR): Recommendation 2: Allow additional optionality for paying for investment research. In summary: 👉 Following HM Treasury IRR recommendations made in July 2023, an FCA survey has found that firms are largely getting the research they need under the current rules. 👉 the options available to firms can be complex and may favour larger #assetmanagers. The current rules can also restrict UK firms from buying investment research produced outside the UK. 👉 In this Consultation, the FCA is proposing to give firms greater freedom in how they pay for research. The FCA note that greater choice should suit firms of varying business models and sizes, helping to promote competition. 👉 The proposals will allow payment ‘bundling' for third-party research and trade execution. They would exist alongside those already available, such as payment from a firm's own resources or a dedicated research account. The proposals will be compatible with rules governing research payments in certain other major jurisdictions, making it easier for firms to buy research in the same way across borders.   👉 The proposal is a reversal of the MiFID II rules introduced in 2018, which prevented the bundling of research and execution payments. While the FCA stresses these rules were introduced for good reason, it recognises concerns that the practice has led to “duplicative or low-quality research” and “opaque charging structures”. 👉 In our PIMFA response to the initial HM Treasury review in June 2023, we acknowledged the merits of allowing bunding but stressed that it is unlikely to benefit the retail sector materially and will depend on how larger firms decide to act on this change, notwithstanding challenges from reversing what was required and implemented as part of MiFID II.   The deadline for comments is 5 June 2024, and PIMFA will respond to this Consultation. If you wish to participate in the response or have views to share, please get in touch with David Ostojitsch. You can read CP24/7 here - https://pimfa.cc/tSIYH #regulation #wealthmanagement #financialadvisors #financialservices

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This paper provides the first detailed institutional analysis of the UK Government’s expenditure, revenue collection and debt issuance processes. We show that public expenditure is always financed through money creation rather than taxation or debt issuance. https://lnkd.in/erkfXEVj

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Should the Bank of England have tiered remuneration on Commercial Bank Reserve Accounts? In a second blog for Warwick University Business School, published by UK Finance today, I look at the arguments for and against tiered remuneration on the Reserve Accounts held by Commercial Banks at the Central Bank - specifically those at the Bank of England. To find out my conclusion you will have to read the blog! As always, comments and alternative analyses are encouraged. https://lnkd.in/eQRDxEUT

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Great piece from Martin Richmond at Professional Pensions on The Society of Pension Professionals latest discussion paper. Our paper analyses government proposals to push pension funds to disclose their investment levels and ensure at least 5% are invested in UK equity - and the unintended consequences that may arise from doing so. https://lnkd.in/dxRfu8EA #spp #pensions #pension #investment #trustees #pensiontrustees #policy #publicpolicy

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📈 There's been an influx of downloads for our '9-Step CRP Guide' since its release. This free resource, developed in response to the FCA’s Retirement Income Advice thematic review, is designed to help financial advice firms build or benchmark their Central Retirement Propositions (CRPs). It helps you:  - Build your firm’s own CRP with a practical step-by-step approach  - Ensure regulatory compliance - Deliver good outcomes by going beyond basic requirements If you haven't downloaded your copy yet, you can access it on our site via the following link: https://lnkd.in/eq9P-kfk Whether you're building a new CRP or benchmarking an existing one, this guide offers valuable insights for firms of all sizes. #financialadvisers #retirementincome #CRP

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🚀 Empowering Financial Institutions with Advanced Climate Risk Insights 🚀 We’re pleased to share this example of how our climate risk data combines with Ordnance Survey AddressBase Core to give Cambridge & Counties Bank (CCB) the insights they needed to optimise climate risk assessments and ESG compliance. 🔍 Why It Matters: In an era where climate risk is a critical concern, having precise and reliable data is essential. Our innovative Climate Risk Score product, combined with Ordnance Survey’s robust data, offers CCB and other organisations in multiple sectors unparalleled accuracy. 🏠 Key Highlights: Enhanced Data Quality: Leveraging OS AddressCore, we’ve significantly improved the accuracy of address matching, especially for residential properties. Strategic Insights: CCB now benefits from detailed climate risk mapping, enabling better decision-making and risk management. This collaboration underscores our commitment to delivering cutting-edge solutions that drive better outcomes for our clients and the communities they serve. Read the full case study to learn more about how we’re transforming climate risk assessment: https://lnkd.in/gUAs6X-4 #ClimateRisk #FinancialServices #ClimateIntelligence #DataQuality #Twinn #OrdnanceSurvey #CambridgeCountiesBank

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Join us for a free webinar where we will be discussing 'Supporting universities to meet their financial duties'. Many universities are subject to Financial Conduct Authority (FCA) regulation, alongside the OfS Regulatory Framework. Non-compliance can impact institutions and individuals, particularly those named on the FCA Register. Join our expert team as we explore: * When FCA registration is required * Key compliance obligations and reporting requirements * Implications for financial strategies and senior personnel * Differences between FCA and OfS obligations This session is tailored for university finance directors, legal practitioners, accountable officers, and FCA-registered personnel. Register here: https://bit.ly/4f2tLcS #FCARegulation #HigherEducation #UniversityCompliance #FinanceLeadership #Education

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Dear readers, Please find our latest weekly report below, providing an overview of significant developments in Macroeconomics, Financial Markets and Corporate Finance. Read about auspicious UK inflation data and the latest ECB interest rate cut, soaring US equities and Q3 performance figures for Investment Banks. Best, TCG team #WeeklyRecap #Macroeconomics #FinancialMarkets #Equities #Bonds #CorporateFinance #M&A #Overview

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DC contributions surpass FTSE350 DB sponsor payments for first time. Contributions to defined contribution (DC) schemes have surpassed those from FTSE350 defined benefit (DB) schemes for the first time, analysis from Barnett Waddingham has found. Check out Jasmine Urquhart's latest article 👇 https://incm.pub/4b3GI4t #pensions #pensionscheme #employeepension #finance #retirement

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