[ad_1]
Last updated: March 2, 2024 at 6:36 a.m. ET
First published: March 2, 2024 at 6:31 a.m. ET
Finance Minister Jeremy Hunt said on Saturday that British pension institutions will have to disclose how much they have invested domestically, in a bid to boost the country’s struggling stock market.
Under the plan, defined contribution funds will be required to disclose the level, costs and net investment income of their UK operations by 2027. Mr Hunt said the proposal would first be reviewed by the Financial Conduct Authority.
pension…
Finance Minister Jeremy Hunt said on Saturday that British pension institutions will have to disclose how much they have invested domestically, in a bid to boost the country’s struggling stock market.
Under the plan, defined contribution funds will be required to disclose the level, costs and net investment income of their UK operations by 2027. Mr Hunt said the proposal would first be reviewed by the Financial Conduct Authority.
Under the proposal, pension funds would have to disclose how they performed compared to rival funds, and regulators would be able to block underperforming funds from taking on new ventures.
Julia Hoggett, chief executive of the London Stock Exchange, also supported the move. She said in her statement: “Investing in British companies ultimately benefits those companies and the profits they bring, supporting the economy and the country where pensioners live, benefiting everyone and benefiting everyone. “It will be.”
Companies including CRH
CRH
FanDuel Owner Flutter Entertainment
flute
British chip design company ARM Holdings has moved or is in the process of moving its primary listing from the UK to the US.
arm
Upon returning to the stock market, the company chose to list in New York.
Charles Hall, head of research at Peel Hunt, said the UK had become an “orphan market”, with pension funds allocating just 4% of their assets to UK-listed companies, down from 44% in 1998. He said that Hall said in a memo Friday. He urged pension funds to disclose their UK investments, along with steps that Mr Hunt had not taken, such as reducing capital gains tax on UK investments.
[ad_2]
Source link
