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New Cost Transparency Initiative reveals board lineup

The Cost Transparency Initiative has announced the members of its new board as part of a drive to help investors make informed decisions.

Launched in November 2018 the Cost Transparency Initiative is taking forward the work of the previous Institutional Disclosure Working Group set up by the FCA as part of the asset management market study.

That working group was led by Dr Chris Sier (pictured) and in July 2018 made recommendations to support consistent and standardised disclosure of costs and charges to institutional investors.

The Cost Transparency Initiative is encouraging the use of new cost transparency templates – as proposed by IDWG – across the pensions and investment industries. The aim is to allow investors to compare charges between providers, with a clearer idea of the disclosure they can expect. It is hoped this will ultimately deliver better value for money for members and employers.

The members of the board include Jenny Condron, the first female chairwoman of the Association of Consulting Actuaries, Joe Dabrowski, head of defined benefit, local government pension scheme and standards at the Pensions & Lifetime Savings Association and Jason Fletcher, chief investment officer at LGPS Central Limited.

Further board members were revealed as Adam Henley (JP Morgan AM), Jeff Houston (Secretary to the LGPS Advisory Board), Jane Ivinson (Insight Investment), Jonathan Lipkin (Investment Association) Gurpreet Manku (British Private Equity & Venture Capital Association), Angela Roberts (Financial Services Consumer Panel) and Robert Waugh (RBS Pension Fund).

Representatives from the Department for Work and Pensions, the FCA, the Pensions Regulator and the Trades Union Congress will be board observers. The former chair of the IDWG, Dr Chris Sier, will act as an adviser to the board.

Mel Duffield, chair of the Cost Transparency Initiative, says: “This is another important step and I’m delighted to welcome each of the new members to the Cost Transparency Initiative.

“The board has diverse representation from stakeholders across the industry that will be involved with the templates to ensure all perspectives are represented.

“With the appointment of the board and the new templates now being actively tested across the industry, I am confident we are making good progress towards formally launching the new templates in the Spring which, once adopted, will make it easier for trustees to scrutinise and challenge costs and deliver value for money.”

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