News Round-up: LGPS transparency code, housing investment vehicles, Brexit and Manchester housing
0Transparency code underway for LGPS investment fees
The LGPS Advisory Board is developing a code of transparency for reporting investment fees. Transparency is a key part of the government’s criteria for pooling pension funds, a process currently underway. The Code will offer asset managers a template for reporting and is slated for launch in the Autumn of this year. The Advisory Board says on its website: “The move toward investment fee transparency and consistency is seen by the Board as an important factor in the LGPS being perceived as a value led and innovative scheme. Transparency is also a target for the revised CIPFA accounting standard issued for inclusion in the statutory annual report and accounts and included in the government’s criteria for pooling investments.”
Architects call for council vehicles to promote housing
Councils should set up investment vehicles to issue bonds and recycle right to buy receipts and attract long-term institutional investment in housing, according to the Royal Institution of British Architects. A report by RIBA also said that local authorities should also set up local housing development funds with capital provided by their pension funds. Local leaders, it said, should also be able to take more control over requirements for affordable housing, including tenure mix.
Greater Manchester to examine case for direct development
The Greater Manchester Combined Authority says that there may be a case for looking at direct development of housing in the wake of the Brexit vote. A report considered last week by the authority said that many of the instruments available by the Homes and Communities Agency have not been effective for Greater Manchester, driven by market developments in London and the South East. The report said: “Brexit is likely to exacerbate these problems.”
Government considers changes to infrastructure levy
The Department of Communities and Government is reviewing the Community Infrastructure Levy, according to a report in the Telegraph. According to the report, officials are examining whether cash from the charge could be handed directly to homeowners and diverted away from local infrastructure and services.
Wakefield outsources facilities services
Wakefield Council is signing a ten-year outsourcing deal which will transfer 800 staff to a private company. French firm Engie Services has won a contract to provide facilities management services including school meals, cleaning, property management and design services. The council says the deal will save more than £10m over the contract period and prevent job losses.
