Brunel responds to government’s LGPS Fit for the Future Consultation
Brunel has submitted its responses to the LGPS: Fit for the Future Consultation run by the Ministry of Housing, Communities & Local Government.
The Consultation elicited views ahead of what are expected to be significant reforms for the LGPS, as the government seeks to complete pooling and maximise efficiencies and impact.
Brunel submitted a response that represents its own views, rather than the views of the whole partnership, leaving our partner funds to make separate submissions. This was in line with our broader approach of working together as a partnership, while acknowledging different perspectives on some issues.
Our full Consultation response is accessible via the link below, but points made in the response include:
- Brunel supports the completion of pooling as the best route to achieving the efficiencies and impact that come with scale, and so meeting our fiduciary duties to our clients and their members
- Brunel welcomes the opportunity to offer principal advice to the Administering Authorities (AAs), since it enables rationalisation and provides much clearer lines of accountability. The flexibility for AAs to still elicit advice from other consultants (as non-principal advisers) ensures Brunel remains accountable for its advice, minimising the risk of a conflict of interest
- We agree that all pools should ultimately be regulated by the FCA
- We support greater collaboration between pools to benefit our fulfilment of our fiduciary duties to clients and their members
- We believe collaboration with local authorities (in their various forms) can be a productive means to identify the best opportunities for local impact. We believe AAs should set their local investment objectives for pools to implement
You can access our full response in Policy Advocacy.