FCA unveils draft rules to clarify deal costs for pension funds

first_imgAs things stand, the UK financial regulator said IGCs and trustees were required to request and report on transactions costs as far as they could, but that asset managers were not required to disclose these costs fully in a standardised form.The FCA said it was now proposing to place a duty on asset managers to reveal aggregate transaction costs to pension schemes investing directly or indirectly in their funds. In the proposals – which are now out for consultation until 4 January 2017 – the FCA also says asset managers should give the breakdown of transaction costs on request, with the total broken down into categories of identifiable costs.These could include specific costs such as taxes and securities lending costs, it said.“The proposed new rules,” the FCA said, “will deliver a high degree of consistency in how transaction costs are reported and give governance bodies confidence the information presented to them contains a comprehensive assessment of costs.”To make sure there is consistency across the market, the regulator said it was proposing that the calculation use a methodology for evaluating transaction costs, called the slippage cost. This, it said, compares the price at which a deal is actually executed with the price when the order to transact entered the market. The time an order enters the market should be recorded by an order management system, the FCA said, so it could be used to identify the price of the asset. “Firms that are unable to provide transaction cost information for all of the assets in a scheme will have to disclose this clearly to the governance body with an explanation of why it has not been possible to provide the information,” the FCA said.In August, the founding chairman of the Transparency Task Force, Andy Agathangelou, described the opacity of fees in the asset management industry as a “festering sore on the face of financial services”.Jonathan Lipkin, director of public policy at the IA (Investment Association), said the FCA’s announcement provided “clarity” over its thinking regarding the workplace pensions market.“Our goal here is consistent and complete reporting for all client groups, implementing both UK and EU regulatory change,” he said.“We will therefore continue the work being undertaken with the IA Independent Advisory Board to ensure we can deliver meaningful disclosure in tandem with new FCA rules.” The Financial Conduct Authority (FCA) in the UK has unveiled a set of draft rules and guidance aimed at standardising the way the transaction costs pension investors have to pay are disclosed.Fee transparency has recently been the subject of hot debate in the country’s pensions and investment sphere.Christopher Woolard, executive director of strategy and competition at the FCA said: “IGCs (independent governance committees) are already seeking to make pension schemes work better for their members. “The proposals we are announcing today will allow IGCs to see fully the transaction costs that their funds pay and enable them to make better decisions about how they get value for money for their members.”last_img read more

Djokovic lines up Dimitrov in 2nd round at Queen’s Club

first_imgIn fight vs corruption, Duterte now points to Ayala, MVP companies as ‘big fish’ Jiro Manio arrested for stabbing man in Marikina Sports Related Videospowered by AdSparcRead Next Taal victims get help from Kalayaan town Novak Djokovic of Serbia celebrates winning his singles tennis match against John Millman of Australia at the Queen’s Club tennis tournament in London, Tuesday, June 19, 2018. (AP Photo/Kirsty Wigglesworth)LONDON — Novak Djokovic’s first appearance at Queen’s Club in eight years was successful when he put away Australian qualifier John Millman 6-2, 6-1 on Tuesday.Djokovic, entered as a wild card, will play second-seeded Grigor Dimitrov in the second round.ADVERTISEMENT Early penalty helps Japan beat Colombia 2-1 at World Cup Also, Milos Raonic, runner-up to Roger Federer last week in Stuttgart, won his opener when Indian qualifier Yuki Bhambri retired hurt while trailing 6-1, 3-1.Djokovic’s comeback from right elbow surgery in January has been gathering pace after reaching the Rome semifinals and French Open quarterfinals. He leads Dimitrov 6-1 in career matchups.FEATURED STORIESSPORTSGinebra beats Meralco again to capture PBA Governors’ Cup titleSPORTSAfter winning title, time for LA Tenorio to give back to Batangas folkSPORTSTim Cone, Ginebra set their sights on elusive All-Filipino crownDimitrov, the 2014 Queen’s champion, struggled past Damir Dzumhur 6-3, 6-7 (4), 6-3. Dimitrov saved six of eight break points. Volcano watch: Island fissures steaming, lake water receding Carpio hits red carpet treatment for China Coast Guard PLAY LIST 02:14Carpio hits red carpet treatment for China Coast Guard02:56NCRPO pledges to donate P3.5 million to victims of Taal eruption00:56Heavy rain brings some relief in Australia02:37Calm moments allow Taal folks some respite03:23Negosyo sa Tagaytay City, bagsak sa pag-aalboroto ng Bulkang Taal01:13Christian Standhardinger wins PBA Best Player award Christopher Tolkien, son of Lord of the Rings author, dies aged 95center_img Jury of 7 men, 5 women selected for Harvey Weinstein rape trial MOST READ LATEST STORIES Cloudy skies over Luzon due to amihan Bicol riders extend help to Taal evacuees Lights inside SMX hall flicker as Duterte rants vs Ayala, Pangilinan anew Don’t miss out on the latest news and information. View commentslast_img read more

FIFPro calls for longer recovery times between games

first_img0Shares0000Salah reacts in tears after being forced off injured in the final. Photo/COURTESYTHE HAGUE, Netherlands, June 8 – Professional footballers’ union FIFPro on Friday called for longer recovery times for top players between matches and when taking long-haul flights, saying current schedules failed to “adequately safeguard health and performance capacity.”FIFPro’s call comes in the run-up to the 2018 FIFA World Cup next week, ahead of which many players were called up by national squads despite a mandatory FIFA rest period, the union said. Most players “are likely to join their club teams soon after the tournament as well,” FIFPro added, saying “the reality is that many players are coming under extreme pressure to perform at their best in difficult circumstances.”Between February and April, the union surveyed a total of 543 players “including those with clubs in some of the biggest European leagues of England, France, Germany and Italy.”Of those surveyed, 300 players represented their national teams.“In many countries across all FIFPro’s divisions, the number of matches played is too high,” FIFPro concluded in the study, released at its headquarters in Hoofddorp outside Amsterdam.It found that almost half of national team footballers who played 50 or more matches per season are being too stretched by the current schedule.It called on FIFA, leagues and clubs to adopt the following minimum requirements “to protect the health” of professional footballers:— At least 72 hours to recover between matches and as a general rule, not play more than three matches every two weeks.— Extra recovery time after long international flights.— A mid-season break of 10 to 14 days.— An off-season break of four to six weeks.“The survey findings enforce the need for federations, leagues and clubs to pay closer attention to player recovery time,” FIFPro’s chief medical officer Vincent Gouttebarge said.“It is important, for example that all national team members returning to their clubs after the World Cup in Russia are given enough time to fully recuperate,” Gouttebarge added.0Shares0000(Visited 1 times, 1 visits today)last_img read more

Bamford scores but young Blues lose

first_imgChelsea’s Under-21 side suffered a second successive home defeat, going down 3-1 against Middlesbrough on Friday evening.Striker Patrick Bamford scored for the Blues youngsters who are still awaiting their first win at Brentford’s Griffin Park ground, where they were recently beaten 4-1 by Liverpool.Lewis Sirrell gave the visitors the lead with an excellent individual goal when he tricked his way into the area and found the bottom corner.Earlier, Boro’s Ryan Brobbel sent a thumping shot against the post, while Chelsea’s best chance of the first half fell to Bamford, whose effort was cleared off the line by Paul Weldon.Bamford made no mistake when he pounced on a loose ball 10 minutes after the interval and rifled home an equaliser.But a defensive lapse then led to Charlie Wyke being given space in the box to fire through keeper Jamal Blackman’s legs.And Matthew Waters was given similar room to shoot past an exposed Blackman with five minutes remaining.Follow West London Sport on TwitterFind us on Facebooklast_img read more

Jansen to be honoured in New York

first_img20 May 2013 South Africa’s Professor Jonathan Jansen will receive the Education Africa Lifetime Achievement Award for Africa at a gala ceremony in New York on 3 June, it was announced at the weekend. Jansen, the vice-chancellor and rector of the University of the Free State, played a key role in turning the university “away from its apartheid legacy into an institution that is truly representative of what South Africa stands for”, Johannesburg-based non-profit organisation Education Africa said in a statement. “Jansen is being recognized for the great strides he has taken in ensuring integration at a university that once threatened to implode with racial tension and for his continued work towards the transformation of education in South Africa.” In 2010, two years after Jansen was appointed vice-chancellor, the institution was awarded the World Universities Forum Award for Best Practice in Higher Education for the racial integration and harmonisation of its student community. Oprah Winfrey, who was awarded an honorary doctorate by the university in 2011, said at the time: “What has happened here at Free State in terms of racial reconciliation, of peace, of harmony, of one heart understanding and opening itself to another heart, is nothing short of a miracle. It is truly what the new South Africa is all about.” Grammy award-winner Roberta Flack will give a special live performance at the event, which is being hosted at New York’s Mandarin Oriental Hotel by Education Africa and Brand South Africa. SAinfo reporterlast_img read more

a month ago​Nuno insists Wolves focused on Braga

first_img​Nuno insists Wolves focused on Bragaby Freddie Taylora month agoSend to a friendShare the loveNuno Espirito Santo insists that everyone at the club is focused on their next game – a Europa League tie against Braga.Wolves are suffering a dip in form, after suffering two successive defeats against Everton and Chelsea.They are in the bottom three in the Premier League, which is an unusual position considering their form last season.But Nuno thinks they must take things one game at a time in order to find their groove.”It’s the third season for us. We started in the Championship, Thursday we play Europa League, we are the same,” said Nuno to reporters.”We have to work hard, but we don’t stay too much time in the past, we just look at Thursday.”This is my job. It’s not when we win everything is OK, when we lose everything is bad.”That’s why I say we have to realise what happened.” About the authorFreddie TaylorShare the loveHave your saylast_img read more

Joey Bosa Trolls Marcus Mariota, Oregon With “O, No” Instagram Post

first_imgJoey Bosa trolls Marcus Mariota with Instagram post.Ohio State sophomore defensive lineman Joey Bosa of one of the most promising young players in the nation. He also seems to be quite skilled in the trash talk department.Tuesday morning, following his team’s 42-20 College Football Playoff National Championship win over Oregon, Bosa took to Instagram to poke a bit of fun at his opponent. We’re not sure if he’s just responding to the fact that the Ducks were favored in the contest or whether he had words with some of Oregon’s players during the game. But considering he posted a photo of Mariota lying on the ground (after this hit), with the words “O, No”, we think it’s safe to say he feels justified rubbing it all in.It’s quite likely that Mariota and Bosa will see each other at the next level. But for now, it’s Bosa and the Buckeyes who have bragging rights.last_img read more

Texas A&M Football: This Awesome “Gig ‘Em” Cake Looks Too Good To Eat

first_imgA general view of Texas A&M fans at a game.COLLEGE STATION, TX – OCTOBER 08: Texas A&M Aggies fans cheer from the stands in the first half of their game against the Tennessee Volunteers at Kyle Field on October 8, 2016 in College Station, Texas. (Photo by Scott Halleran/Getty Images)College sports-themed celebratory cakes seem to be a hot trend. Lollie Houch of LollieCakes of Baytown, Tex., has gotten in on the act, and here’s a look at a gorgeous Texas A&M “Gig’em” cake she created.That looks incredible, almost too nice to eat. For good measure, Lollie also made some Aggie-related sugar cookies.Texas A&M cookies! Whoop! #lolliecakes #sugarcookies #tamu #a&m #whoop #gigemaggiesPosted by LollieCakes on Friday, June 12, 2015Aggie fans, if you’re in the mood for some baked goods, hit her up.last_img read more

Dominant defense leads Ohio State womens basketball over Wisconsin 8761

OSU senior guard Ameryst Alston (14) dribbles the ball during a game against Northwestern on Jan. 28 at the Schottenstein Center. Credit: Samantha Hollingshead | Photo EditorThe surging Ohio State women’s basketball team (18-4, 10-1) handled a struggling Wisconsin team (6-15, 2-9) with a suffocating defensive performance Thursday night to keep the train running smoothly into the highly anticipated matchup with No. 5 Maryland on Monday.Coming into the matchup against the Badgers, the Buckeyes had won 13 of their last 14 games overall. The 87-61 victory pushed No. 7 OSU’s home winning streak to 11 games, while the Badgers have now dropped nine of their last 10 games overall.OSU coach Kevin McGuff said he was satisfied with the way each member of the team immediately found their individual roles and contributed in the contest.“We had good communication, good concentration, good effort,” McGuff said. “Everybody (that) came off the bench knew exactly what we were in. They were locked in and focused.”The Scarlet and Gray started the game off slow, plagued by poor shooting. But that all changed with a little over two minutes left in the first quarter. The Buckeyes scored 11 of their 19 first-quarter points in that short amount of time, aided by a trio of 3-pointers.The momentum OSU created carried over into the second period. The Buckeyes quickly jumped out to a double-digit lead and started to step it up on defense. The lead blossomed to 20 points midway through the quarter, but a late surge pushed the Badgers back to a 13-point deficit at the break.In the opening half, senior guard Ameryst Alston led the way for OSU with 12 points, while junior forward Shayla Cooper added 10 points along with seven rebounds. The nation’s third-leading scorer, sophomore guard Kelsey Mitchell, was held to only three points in the first half but found other ways to help her team out. For the Badgers, Cayla McMorris and Michala Johnson each put in eight points.While the Buckeyes held a steady lead at the break, they saw the opportunity to put the game away early with a lopsided third quarter, and did just that.“The third quarter was as good a defensive quarter as we’ve had probably all year,” McGuff said.The Buckeyes held Wisconsin to only seven points in the entire third period, pressuring the Badgers into shooting only 18.2 percent from the field. Using the full-court press to their advantage, the Buckeyes put together a lockdown team effort throughout the 10 minutes.When the final buzzer sounded, the Buckeyes headed off the floor with heads held high. Alston was the leading scorer for OSU with 21 points, while Mitchell, who had a strong second half shooting the ball, added 16. Cooper earned her sixth double-double of the season with 16 points and 10 rebounds, as well.Nine different OSU players saw the floor, eight of whom scored in the game, displaying an ability and a willingness to get everyone involved.“I think that’s what’s so special about our team. We have so many different aspects (and) a lot of us can contribute,” Alston said. “It’s always great to see (different) people out there playing.”Continuing Big Ten play, the streaking Buckeyes are scheduled to take on Maryland at home Monday, which is scheduled for a 9 p.m. tipoff. read more

Buckeye football turns attention to Buffalo

Cody Cousino / For The LanternThen-sophomore Braxton Miller evades the defense during a game against Michigan on Nov. 24, 2012, at Ohio Stadium. OSU won, 26-21.For the first time in Ohio State football history, eight individuals were chosen to serve as captains for the 2013 version of the Buckeyes.Members of the eight-man leadership crew, along with coach Urban Meyer, addressed the media after practice Wednesday.Senior backup quarterback Kenny Guiton was one of the eight chosen to lead OSU this season, and the news did not come as a surprise to team members, as Guiton received a large portion of his teammates’ votes.“Most votes (were for) (senior offensive lineman Jack) Mewhort, second most was C.J. Barnett and then Kenny was not far behind, he was like third or fourth,” Meyer said.Guiton said he was surprised to receive the honor, but not surprised that his teammates look up to him.“I was surprised that I was a captain, but I’m really not surprised that I’m a leader,” Guiton said.Meyer went on to express more accolades for his backup quarterback, saying “he’s an incredible kid; (his) parents need to be proud of that guy… I think he should be a coach, I really do, I’ve had that chat with him.”Guiton was not the only gunslinger to be named captain, as junior starting quarterback Braxton Miller was also given the honor.Miller said that he has “big shoes to fill,” left by previous OSU captains, but that he is ready to “take charge.”With eight captains, this year’s Buckeye squad tops the previous high of six set in 2010.Now that the captains have been named, the Buckeye players and coaches are ready to shift focus exclusively toward Saturday’s matchup against Buffalo. Meyer said it’s an incredible feeling to represent his home state and that there are a number of tasks to accomplish.“The responsibility (is) you have to put a good team out there, and that’s really all our focus is,” Meyer said. “Yes it’s exciting and we’re fired up and all that. Every Friday night is a tough night to sleep. You just want to put a good product out there.”Senior wide receiver Corey “Philly” Brown said this year’s team is a lot different from last year’s and has the potential to put up more points as a result.“I feel like our tempo this year is so much more flawless, we’re so much more crisp on our assignments, we’ve got way more leaders and playmakers out there,” Brown said. “You’ll see a lot of points if we can execute and do what we do.”The Buckeyes are scheduled to play Buffalo Saturday at noon in Ohio Stadium. read more