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  1. TitlePRESS RELEASE - Conduct Costs Reporting (update)
    Date2015-06-15 00:00:00 +0100

    The FEMR have stated clearly that, as a “priority”, firms should explore “the scope for greater transparency over conduct...including better disclosure of fines” (Box 18, p.78).

    We would like to suggest that this exploration starts with the proposals we outlined in a recent discussion paper (published here): specifically a “Conduct Costs Report”.

    Please see the full Press Release.

    Next on the Agenda:

    Roger McCormick, Managing Director of the CCP Research Foundation remarked:

    “We have already raised these issues with a small number of banks but the response, so far, has been disappointing. Now that the need for better reporting --and greater clarity-- has been taken up by FEMR, we hope that the issues and ideas referred to above can be removed from the "back burner" and taken seriously. We shall be continuing to invite banks and their investors to develop their thinking in this area with a view to tabling more concrete proposals by the end of this year. There is much talk of better "standards" in banking. Here is a good opportunity to make a positive start in a discreet area where the issues to be addressed are straightforward and solutions should not be hard to find.”

    Catherine Howarth, Chief Executive Officer of ShareAction added:

    “It's a sad fact that millions of British pension savers are worse off thanks to the extraordinary quantum of conduct costs in the banking sector that has been passed along to shareholders including pension schemes. It's positive to see the Fair and Effective Markets Review honing in on this problem as well as the common sense solution of requiring greater clarity in reporting of conduct costs. Institutional investors holding banking stocks could usefully be more proactive in their support of improvement to the reporting of conduct costs, and we hope to see this happen in the coming six months.”

    Please contact Roger or Catherine should you wish to discuss the Proposal (details available on the Press Release).

  1. The CCP Research Foundation is a new, independent social enterprise vehicle, set up to foster and support a new generation of research projects on the theme of "Conduct, Culture and People."  



    CCP Research Foundation C.I.C.

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