Link to system
As signatories to the Code, investment managers are required to complete and submit the template for the relevant mandate (without request) to their LGPS clients on either an annual or quarterly basis as agreed with their client. In order to streamline the process and make it more widely available, the SAB has procured a system to:
- Be capable of accepting and storing template data
- Check the timeliness of data submission and report late returns
- Ensure that template data is signed off by managers as ‘fair, clear and not misleading’
As well as ensuring compliance with the Code the system can be used by LGPS clients to:
- Replace the existing excel format templates provided to them by managers
- View a set of onscreen reporting and comparison tools showing that fund's data against a similar sized group of funds
- Give permission to other LGPS clients or trusted third parties (e.g. their investment advisor) to access and export their template data
- Provide a historical record over time, storing the submitted templates
In specifying the compliance system, the SAB placed great emphasis on security and confidentiality. The template data held within the system will be separate from any other database held by Byhiras and cannot be shared by Byhiras with any third parties for any purpose.
This system went live on 1 April 2020. The Board may publish aggregate totals or averages from the system as part of the scheme annual report. Such reporting will not identify any data at the fund, pool, manager or mandate level.
Purpose of the Compliance System
The purpose of the compliance system is to provide cost effective template data collection and LGPS Code compliance checking, including reporting and data comparison facilities.
The system is paid for from within the Board budget and funded by the levy. LGPS clients and investment managers have access to the system free of any further charge though further enhancements will be discussed with all relevant parties as to possible cost sharing.