A Third of Investment Firms Fail U.K.’s Revamped Oversight Code

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A Third of Investment Firms Fail U.K.’s Revamped Oversight Code

Bloomberg2021-09-06

Stewardship code guides firms acting for savers, pensioners. Financial Reporting Council names successful applicants. Around a third of investment firms failed in their bids to be signatories to the ...

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Sriwonc
·2021-09-06
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JackTing
·2021-09-06
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·2021-09-06
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It didn’t name those that failed among the 189 applicants seeking to sign up to the code, which outlines principles on the allocation, management and oversight of capital.\nUnsuccessful applicants “commonly did not address all the principles or sufficiently evidence their approach, instead relying too heavily on policy statements,” the FRC said. “Other areas of weakness included reporting on approaches to review and assurance, and monitoring service providers.”\nThe successful applicants accounted for 20 trillion pounds of assets under management, according to the FRC. Firms have become increasingly eager to tout their stewardship credentials as demand for investments backed by environmental, social and governance criteria surges.\nOne name absent from the FRC’s list was Schroders Plc, the U.K.’s largest standalone asset manager. 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