What's all this about?! ... you may be wondering, dear reader(s). 'Ha!' Yeah, well, don't get upset. It's just a PR email from PIMFA. Look! -
PIMFA has been following closely the developing situation regarding the Aviva proposal to cancel preference shares at par value, the effect of this on the price of preference shares in general, and the impact on the value of portfolios held directly by retail private investors or on behalf of retail clients by PIMFA discretionary investment managers.
Er ... Aviva?! 'Do they mean Aviva Investors, boss?' I think they're talking about the main company, Voice, just Aviva, you dig? 'Yeah.' I can't imagine Aviva Investors would want to propose ANYTHING at this sensitive time because they're moving into the summer season at the moment, from pub to park. 'Are they in the park yet?' Well, it's hard to say, man. There have been some lovely sunny days, like yesterday - I was in Hyde Park, by the way - but tomorrow ... there could be snow, ice, Christ knows what. 'Yeah.' From what I've heard, they're doing a mixture of the two. 'Just playing it by ear, like.' Exactly, Voice. / Anyway, this email ...
For PIMFA and its members it is of paramount importance that an ethical approach should at all times inform proposed or implemented actions in relation to retail investors, and that such actions should, as required by law, always be in the clients' best interests. These principles apply even more strongly at a time when austerity has bitten for some years and incomes need supplementing, when lifespans are lengthening and the need to support the vulnerable or elderly for long periods of retirement has never been greater, and when the role of trustworthy professional advice is indispensable in securing investments of a quality enabling these objectives to be met.
The decision to cancel preference shares at par value does not further the excellent work of our member firms in ensuring that private investor interests are properly and ethically catered for and feature fully alongside those of major institutions in investment decisions.
Okay, okay. PIMFA aren't too keen on this idea. 'What does Liz Field say about it, boss?' I don't think our Lizzy cares what Aviva Investors gets up to, you know? Pub or park. It doesn't really matter to her. Stella or ice cream. Why should she care, man? 'No! About the share thing.' Oh, the share thing. Well, she said this -
PIMFA CEO Liz Field said: "It is of the utmost importance that, in major decisions that have an effect on the valuation of key assets in which individuals and families have invested for the long term, the position of the private investor is properly taken into account. The role of ethics is paramount where conflicts of interest emerge and competing interests have to be met. There are times when decisions advised by ethical rather than immediately commercial considerations must take precedence."
ENDS
Yeah, ENDS.
...
Anything else? Not yet, but I'll be doing another post after lunch. So, laters, you dig?
PIMFA has been following closely the developing situation regarding the Aviva proposal to cancel preference shares at par value, the effect of this on the price of preference shares in general, and the impact on the value of portfolios held directly by retail private investors or on behalf of retail clients by PIMFA discretionary investment managers.
Er ... Aviva?! 'Do they mean Aviva Investors, boss?' I think they're talking about the main company, Voice, just Aviva, you dig? 'Yeah.' I can't imagine Aviva Investors would want to propose ANYTHING at this sensitive time because they're moving into the summer season at the moment, from pub to park. 'Are they in the park yet?' Well, it's hard to say, man. There have been some lovely sunny days, like yesterday - I was in Hyde Park, by the way - but tomorrow ... there could be snow, ice, Christ knows what. 'Yeah.' From what I've heard, they're doing a mixture of the two. 'Just playing it by ear, like.' Exactly, Voice. / Anyway, this email ...
For PIMFA and its members it is of paramount importance that an ethical approach should at all times inform proposed or implemented actions in relation to retail investors, and that such actions should, as required by law, always be in the clients' best interests. These principles apply even more strongly at a time when austerity has bitten for some years and incomes need supplementing, when lifespans are lengthening and the need to support the vulnerable or elderly for long periods of retirement has never been greater, and when the role of trustworthy professional advice is indispensable in securing investments of a quality enabling these objectives to be met.
The decision to cancel preference shares at par value does not further the excellent work of our member firms in ensuring that private investor interests are properly and ethically catered for and feature fully alongside those of major institutions in investment decisions.
Okay, okay. PIMFA aren't too keen on this idea. 'What does Liz Field say about it, boss?' I don't think our Lizzy cares what Aviva Investors gets up to, you know? Pub or park. It doesn't really matter to her. Stella or ice cream. Why should she care, man? 'No! About the share thing.' Oh, the share thing. Well, she said this -
PIMFA CEO Liz Field said: "It is of the utmost importance that, in major decisions that have an effect on the valuation of key assets in which individuals and families have invested for the long term, the position of the private investor is properly taken into account. The role of ethics is paramount where conflicts of interest emerge and competing interests have to be met. There are times when decisions advised by ethical rather than immediately commercial considerations must take precedence."
ENDS
Yeah, ENDS.
...
Anything else? Not yet, but I'll be doing another post after lunch. So, laters, you dig?
