AT CFA UK, advocacy is about tackling the big questions of the day that leaders are dealing with like:

• Should a company just exist to make profit?
• How do we ensure good conduct?
• Are performance fees prone to moral hazard?

Though few members work directly in the fields of policy and regulation, all of us are affected by the decisions that are made and the profession’s ability to serve its clients is defined by both.

That’s why CFA UK spends time and effort through the Professionalism Steering Committee led by Anne Marden, CFA – with the significant support of volunteers – answering these very questions. They respond to consultations. They draft papers that they hope will steer debates in one direction or another and they bring groups of members together to come up with ideas for enhancing the value that the profession delivers to its clients.

Our successes

A valuable example of our work is from our Value for Money working group.  Two major questions have arisen in our industry: what is value for money and how is it assessed?

Over the course of six months, the working group of volunteers (Alistair Byrne, CFA , Jonathon Parker, CFA, Erzsebet Barra, CFA, Stephen Dowds, ASIP, Josef Steidl, CFA, and Shaz Islam, CFA) set out to answer those questions and developed a core framework to assess and report on value for money, reviewing several already in use both in the industry and from outside. In November 2018, they unveiled their landmark paper, Value for Money which has since been published. The Times, amongst other commentators, focussed on one key finding in a story by Patrick Hosking on how fund bosses can restore public trust.

We currently have other working groups researching the impact of MiFID II; competition faced by investment start-ups; the role of codes and standards; fund fee pricing structures; and Stewardship. Most of the past output of our work can be read here.

Do you want to inform and influence the strategic direction of the industry?

Do you want to join us on our mission to build a better investment profession?  Do you want to play a role in influencing the direction our industry takes and in educating and raising industry standards?  The Professionalism Steering Committee is recruiting for new members.

This is what Joy Yang, stepping down after two years on the Committee has to say about volunteering, “Volunteering on the Professionalism Committee enables you to engage directly with the wider industry and represent our members’ views. We have a direct impact in shaping the value of our profession. The topics covered are wide and varied, meaning, you have the opportunity to learn from the experts in the area and use your experience and knowledge to add to the conversation.”

If you are interested in being part of our advocacy work, then take a look at applying,