View more on these topics

AITC attacks Higgs&#39 curbs on non-execs

The AITC says limits on non-executive directors proposed by the FSA and the Higgs review could damage boards running investment trusts.

At the AITC director conference in London this week, director general Daniel Godfrey said boards could lose their better directors unless amendments are made for trusts.

His main concern was the Higgs review&#39s recommendation that non-executive directors should only serve two terms of three years, which he said would result in the loss of good directors simply because of “some arbitrary sell-by date”.

The loss of continuity and experience could be damaging, Godfrey argued, especially with fund managers switching companies so frequently. He took the FSA to task for stating in its changes to listing rules that directors cannot be independent if they sit on more than one board run by a single management company.

Godfrey said it is not those directors that shareholders should worry about but those who sit on only one board – the type he claimed could be “a complete patsy”. He said a director&#39s position should be made clear in a trust&#39s annual report, enabling shareholders to decide – and vote – for themselves.

He said: “We prefer our approach rather than a strict rule, which we believe would be likely to deprive shareholders of some excellent directors. Our approach would also help give boards a non-confrontational opportunity to weed out those who really have passed their sell-by dates.”

FSA spokesman David Cliffe says: “Multiple directorships give the impression there is a conflict of interest. We are trying to eliminate that perception.”


Yorkshire aims to strike right Accord

Yorkshire Building Society is setting up an intermediary subsidiary, Accord Mortgages, to extend its lending criteria away from the traditional society approach to lending. It says the launch of Accord in March or April will give it freedom to develop products that are wanted by brokers such as loans with higher income multiples. Yorkshire Building […]

nvesta freshens up bond theme

nvesta has established a guaranteed equity bond that pays three times the growth in the index to which it is linked. The triple tracker plan is linked to the FTSE 100 index for a term of five and half years. Investors will get their original capital returned in full provided the FSTE 100 never falls […]

Older and wiser

One of the key themes of the Government&#39s Pensions Green Paper was the need to encourage greater labour market participation among older workers. Our analysis shows that delayed retirement could ind-eed have a significant impact on the savings gap but only if there is a massive shift in attitudes towards older workers. The Green Paper […]

Treasury publishes long awaited Sandler consultation

The Treasury has published its long awaited consultation on the make-up of the Sandler suite of products, setting out the specifications for the products. The suite will include an equity based product, a with-profits product and a pensions product although the Treasury says there is a case for including other products within the suite. The […]


Guide: how to change your auto-enrolment support

As we approach the two-year milestone of auto-enrolment, employers have had the opportunity to truly assess the capabilities of their chosen support. They are also now realising that getting to the staging date was the easy part, and that support is required for almost every aspect of the day to day running of their scheme. With the three-year re-enrolment window coinciding for many with the total removal of commission and Active Member Discounts from pension-related products and services, as well as the introduction of the pension charge cap in April 2015, many employers will have no choice but to review their support options. But, what is involved in transitioning your auto-enrolment scheme away from your current support options? This guide from Johnson Fleming aims to outline some of these key areas and provide information and discussion points on what you need to consider.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm