View more on these topics

‘Let advisers act as proxy to vote for investors’

Fidelity is calling on the FSA to give advisers powers to act as a proxy for voting rights on corporate actions on behalf of their clients.

Last week’s platform paper calls for platforms, stockbrokers and Isa and Sipp firms to be res-ponsible for contacting the end investors on potential notifications. According to FundsNetwork, the last three months alone have seen 27 fund name changes, 44 objective changes, nine closures, three mergers and 47 launches or provider changes.

Fidelity says it would be easier for the adviser to take action on behalf of clients so they can decide whether to communicate or vote on the change.

Fidelity Investment Management head of UK fund partners Ed Dymott says: “Investors typically do not respond to corporate action votes. Ideally, advisers should act as a proxy and vote on investors’ behalf.”

Informed Choice managing director Martin Bamford says: “I think it would create an awful lot of work for the advisers.”


News and expert analysis straight to your inbox

Sign up


There is one comment at the moment, we would love to hear your opinion too.

  1. Doesn’t sound very well thought out to me – surely this falls within article 37 RAO (managing investments) – esp. when you compare it to the article 53 (advising) wording? Looks like a horrible trap that IFAs could walk into and get really hurt by.

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