Gravis reposted this
What wonderful news today from HM Treasury and the FCA applying immediate forbearance for the removal of so called 'costs' for Investment Companies (IC). I feel like the Ribena berry shouting 'Yipee'! Firstly, enormous thanks are due to Baroness Sharon Bowles and Baroness Ros Altmann and I suspect to Lord Livermore for their tireless work on this issue. No longer in Parliament, but nonetheless pivotal in maintaining momentum, I must mention the amazing and brave work by John Baron. His continued questioning of the sense of the situation at Treasury questions, when in office, was a tremendous source of energy for all in the sector. Even though this action is to take place with immediate effect, it probably take until November before this washes through. The database for costs, the EMT, is updated monthly, so it may take a few weeks to be cleansed. Thereafter, we should all be focused on proposals for the new Consumer Composite Investments regime. At the beginning of the year, roughly 330 industry participants called for the exclusion of ICs from the CCI, the replacement to PRIIPs. In doing so, we drafted an alternative method of sharing company expenses (much like any other company) but distinct from KIDs, KIIDs and cost disclosure. We very much hope that the emphasis of what we are proposing, namely transparency, simplicity and understand-ability are maintained. There will be consultation on this issue in coming months which we will all need to study carefully.
Well done William MacLeod and the team at Gravis for its leadership and advocacy on this seemingly technical / arcane issue which is actually very significant to the UK listed Investment Companies sector
I think this is a temporary reprieve. All costs must be disclosed How that is done can and will be improved
Full marks for your effort and persistence in this, Bill. Of course the pressure is on the industry to grow now, and prove the argument was right! However, the need for closed end funds to facilitate investment in key sectors, and overcome some of the key barriers for investors has always been recognised. Time to make it happen.
Well done Bill for all your efforts and persistence here. A very sensible action from the FCA in my opinion.
You all ought to be extremely proud of what you’ve managed to achieve in the face of relentless setbacks. Incredible!
Great news 🙌 Thank you William MacLeod and all of the other campaigners who were so relentless in pursuit of this outcome. A brilliant example of collaboration within our industry 💪🤝 Ben Conway
Very good news. Well done Bill for all your hard work on this.
A great success. One only wonders why it took the Government so long.
Thought you might have something to say today! 👏👏
Managing Director, Commercial, Gravis
1moThank you for all these lovely messages. This has been a big team effort, on occasion resembling an American football squad with seemingly hundreds of people involved. We've had Offense, Defense, Special Teams and every once in a while the rather lonely looking kicker has come on for their moment in the spotlight. It's a brilliant result for common sense. Check out the comments from Baronesses Bowles and Altmann here. www.costdislcosure.co.uk They're chuffed too!