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: 17 June 2021
View more on the committee here.