24 Aug 2021

A high level summary of what's being discussed in recent committee meetings:

  • The Committee, along with the IA, will continue to liaise with the FCA regarding FCA FS21/8, which gave feedback to FCA CP20/15, and Government regarding HMRC consultation on ISAs and authorised open-ended property funds. Where necessary, they are actively engaging with members, platforms, wealth managers, depositaries, transfer agents and other stakeholders.
  • The Committee, with DATA, is looking at whether regulation should be changed to permit indemnities for property sales.
  • The Committee is liaising with MSCI on a NAV index for the retail funds.
  • The Committee is lobbying the platforms to ensure that all investors are able to benefit from the correct tax treatment of PAIF distributions.

Short Term Objectives

  • Continue to liaise with valuers regarding the effect of Brexit on property funds.
  • Engage with FCA and Bank of England on their liquidity reviews.

Long Term Objectives

  • Encourage Platforms to develop their systems for PAIFs and non-daily dealing.
  • Development of a retail property funds index
  • Educate investors and press on the benefits of open-ended property funds.
  • Widen focus to real assets

Next meeting: 29 September 2021

View more on the committee here.


Guy Glover

Guy Glover

Fund Manager, BMO Real Estate Partners

Guy is the Chair of the Retail Funds Committee and sits on the AREF Management Committee.
He is a fund manager at BMO Real Estate Partners. Prior to joining the group in 2004, Guy spent nine years at Wereldhave Property Corporation, where he was responsible for managing their UK portfolio.

Before this, he worked at Northampton Borough Council.

Guy graduated from the University of Reading with a BSc in Land Management and holds the RICS postgraduate diploma in Property Investment. He qualified as a Chartered Surveyor in 1994.