The Training Environment For Financial Services

Fund Governance and Oversight for Funds authorised by the FCA

05 Dec 2019, London

9:15am to 4:30pm

Outline & Objectives

When the FCA conducted its Thematic Review of Outsourcing in the Asset Management Industry, the regulator was concerned that only a few managers were able to demonstrate high standards of oversight across their outsourced activities.

This practical one day workshop is intended to provide staff with the appropriate knowledge and skills to provide effective fund oversight. The programme will cover all  aspects of fund management and operations with particular emphasis on high risk areas in fund accounting and transfer agency. Some previous knowledge of funds is assumed*.

It will include case studies of pricing errorsinvestment & borrowing power breaches, rectification programmes and failures of fund governance together with examples of oversight questionnaires and reports. The particular concerns of the FCA when reviewing fund managers will also be examined

Making extensive use of CASE STUDIES and practical EXAMPLES, the course will help fund professionals:

  1. Understand what the FCA expects from fund oversight teams
  2. Prevent and deal with common errors and breaches, including Pricing and Investment Limits and Borrowing Powers
  3. Review your SLAs, KRIs and KPIs: are they monitoring the right metrics?
  4. Establish the controls needed to meet FCA and Depositary expectations
  5. Ensure and evidence adequate oversight of outsourced functions
  6. Learn the lessons from recent failures in fund governance and FCA monitoring and reviews
  7. Benchmark your governance and oversight arrangements and procedures against developing best practice

Who will benefit?

This event will be of value to anyone with fund oversight responsibilities, including Operations professionals, Risk Managers, Compliance Monitoring Teams and Internal Audit at Fund Managers or TPAs.

*A basic knowledge of funds is expected, which can be achieved by attending our half-day Introduction to Authorised Funds.

SPECIAL SAVING: register to both events for only £895 +VAT. 
Please call 0330 303 9779 or email for more information.


Course Leader:

Vivien Crayston is a management consultant with 26+ years’ experience of fund administration, transfer agency and fund accounting / pricing for both traditional and hedge funds. She has occupied senior fund administration positions in South Africa and London and has been a fund management consultant for over 10 years, advising both large and boutique asset managers. Vivien is a Chartered Member of the Chartered Institute for Securities and Investments holding MSCI qualification.

Course Programme

Session Content
Fund Governance and Oversight
  • Oversight by the Board and the importance of challenge
  • Service Level Agreements
  • Key Risk and Performance Indicators
Fund Administration
  • Dealing and settlement
  • The register
  • Box management
  • Client money
  • NAV calculation
  • Income and expenses
  • Distributions
Developing an effective Control Environment
  • Controls over asset valuation
  • Income and expense accruals control
  • Daily fund level checks
Pricing errors
  • What consitutes a pricing error
  • How pricing errors arise
  • Key controls for early identification
  • Process for resolution
  • Compensation calculations
Investment and Borrowing Powers
  • Eligible assets
  • Investment limits and restrictions
Risk management
  • What are the key risks?
  • The Integrated Risk Assessment
  • Portfolio risk management
  • Risk mitigation
Role and Expectations of the Depositary
  • Review of the manager's systems and controls
  • OTC derivative valuation
  • Pricing errors oversight
  • Dilution policies and FVP
Oversight of Third Parties
  • Three Lines of Defence
  • Oversight of the TPA
  • Compliance monitoring plans
  • Risk based reviews
  • Samples of oversight questionnaires and reports
FCA Review of Outsourcing Oversight
  • Key concerns of the regulator
  • Evidence of good governance
  • Expectations of fund oversight teams

This course can be delivered in-house at a time and location to suit your business and tailored to suit your people and organisation. We can also create bespoke training when something very specific is needed.Please contact us to discuss your requirements in more detail and at no obligation.

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