Member

Here is the irony: most of the asset manager providers who signed the accord have already set up their own LTAF or partnered with one who has. Nobody was stopping them or blocking their use. A pledge about investing in private and UK assets is perfectly reasonable, but prescribing how you and everybody else must do it and who must be excluded, is something else entirely. Putting into legislation that a comparable product is somehow unsuitable, rather than simply a choice, has knock-on reputational effects and does real harm. When Parliament labels one wrapper non-qualifying, the market hears that something must be wrong with it. That is reputational foreclosure. It affects not only DC pension funds but the entire retail and institutional market for those vehicles.