Investment fees - Code of Transparency
The move toward investment fee transparency and consistency is seen by the Board as an important factor in the LGPS being perceived as a value led and innovative scheme. Transparency is also a target for the revised CIPFA accounting standard issued for inclusion in the statutory annual report and accounts and included in the government’s criteria for pooling investments.
To assist LGPS funds in obtaining the data they require in order to report costs on a transparent basis the Board is working to develop a voluntary Code of Transparency for LGPS asset managers. As part of this work a consultation meeting was held on 21 September 2016 with representative fund accountants. The notes of the meeting can be found here (PDF - 3 pages - 129kb).
Communications regarding the launch of the Code, together with legal advice on the application of the Freedom of Information Act regarding commercially sensitive data, is expected very soon. In the meantime, please check the links to the Code and Template for the latest spreadsheet.