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UK public funds urged to opt-up ahead of MiFID II deadline

first_imgIt was initially feared that this would lead to many funds being denied access to more sophisticated investment strategies and asset classes, resulting in a fire sale of assets.However, the FCA has softened its interpretation of the directive to allow LGPS funds to more easily opt up to become sophisticated investors.As of today, all but three LGPS funds have applied to their providers to opt up, according to the SAB’s website. Speaking at an LGPS event in London this week, Meyers said the board would continue to track the opt-up process for each fund and publish the data online.“The work seems to be very positive and everyone in the industry is very Co-operative. 3 January should not be an issue,” he added.Meyers said the SAB was working on guidance notes in conjunction with the IA to help explain processes applicable after 3 January. Opt-up forms and templates are freely available online on the board’s website.Daniel Measor, a senior associate within the FCA’s wholesale conduct policy team, said after the rules were introduced providers would be required to regularly review the status of their clients.“The client is under an obligation to inform of changes of circumstances, and firms are required to take appropriate action if this happens,” Measor added.“It doesn’t mean the provider needs to stop providing services or the investor needs to sell assets, but it does mean you need to consider what to do under those circumstances. We stress the need for a firm to consider what is in the best interests of the client.” UK local government pension schemes (LGPS) have been urged to complete their “opt up” processes well in advance of the introduction of MiFID II on 3 January.The funds must apply to managers and providers to obtain permission to access some asset classes. The LGPS’ Scheme Advisory Board (SAB) has worked with the Investment Association (IA) and the Financial Conduct Authority (FCA) to streamline this process for the 89 LGPS funds in England and Wales.Andrien Meyers, a senior policy adviser to the SAB, said: “We would like all funds to opt up as soon as possible – the 3 January deadline is critical.”Most funded UK public sector schemes are operated by local authorities, which under MiFID II definitions will be designated as retail investors from 3 January.last_img read more


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LIVING LARGE: Entire town hits the market for unbelievable price

first_imgThe town comes with its own dam.The small township was originally built to house the workers of a timber mill, which has since closed down.Current owner Natali Williams bought the town about eight years ago with her husband and planned to turn it into a caravan park.After her husband passed away she put the property on the market, originally with a price of $2.1 million in 2015. POWER COUPLE SLASH $3M OFF WATERFRONT MANSION The town was built to house the workforce of a timber mill.“You could put in a tourist park or a getaway retreat or a wellness spa.”The town is 373km northwest of Brisbane and about 60km south of Mundubbera.She first visited the town last week and said she was very impressed by what she saw. “I thought I was going to see something that was very run down, but I couldn’t believe the houses were so well maintained,” she said.The homes have electricity, water, and the sale even includes a tennis court, helipad, the former church and the former timber mill.A number of the homes are currently rented out to people that work near the area and like the quiet lifestyle. To find out more check out the listing. The homes are in good condition.The town of Allies Creek, complete with 12 houses and more than 14 hectares of land can be yours for just $500,000. QUEENSLAND’S CHEAPEST HOUSE SOLD FOR $25K The homes have electricity and water.More from newsParks and wildlife the new lust-haves post coronavirus18 hours agoNoosa’s best beachfront penthouse is about to hit the market18 hours agoThe price was lowered a number of times after its initial listing, but it failed to find the right buyer. This week it received another price reduction to just $500,000 when it was listed with new agent Danielle Meyer from Danielle Meyer Rural. “I think it would be the perfect place for someone that thinks outside of the box,” Mrs Meyer said. 10 PRICIEST SUBURBS TO RENT IN QLD Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 1:17Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -1:17 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD432p432p360p360p216p216pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenWhat does a million dollars buy in Aussie capital cities?01:17WHY limit yourself to just one house when you can buy an entire town?For people after a bargain, you can grab this entire regional Queensland town for less than the cost of an average Brisbane home. last_img read more


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Guyana’s badminton team to take part in CAREBACO in Barbados

first_imgGUYANA’S top badminton players will be taking part in the Caribbean International Badminton Championships (CAREBACO) to be held at the Garfield Sobers Sports Complex in Barbados from August 15 to 25.Last year when the championships were held in Suriname, Guyanese players won 13 medals (5 gold, 2 silver and 6 bronze).The team will be aiming to repeat and even improve on that feat this year, as they have been in intense training twice daily over the past few weeks.The team consists of the Ramdhani siblings, Priyanna and Narayan, Tyrese Jeffrey, Akili Haynes and Jonathan Mangra. They will be competing in the U-19 Juniors International and the Open International.At last year’s CAREBACO, Priyanna was the female U-19 champion and Open runner-up while Narayan won an Open bronze medal.The team is being accompanied by manager/coach Gokarn Ramdhani.The 17 countries taking part are: Guyana, Barbados, Trinidad and Tobago, Suriname, Jamaica, Panama, Canada, USA, Finland, Italy, Poland, Iceland, Luxembourg, Slovakia, England, Mongolia and Germany.CAREBACO is an Olympic qualifier so players from around the world will be participating to get higher world ranking points.The GBA, through a release to the media, expressed thanks to NSC and Director of Sport Christopher Jones, Demerara Bank, Nevell Osman, SOL and Ayanna Watson, GAICO and Komal Singh, DaSilva’s Optical and the GOA.last_img read more