UK – Most British pension funds (93%) that do not currently use accounting services provided by their custodian will do so in the future, according to a survey by Bank of New York at the annual National Association of Pension Funds conference earlier this year in Birmingham.
Pension fund trustees were asked whether the Myners report had impacted their views of services provided by custodians, and all of the 120 respondents were aware of potential need for higher standards of reporting and accounting.
“ These results confirm our own firm belief that accounting services have now become a core service. I am pleased to see that the benefits of consolidating accounting and reporting services from providers like ourselves has become widely understood and recognised,” says David Batten, head of UK pensions at the Bank of New York.
Around three quarters of trustee views towards custodial reporting services had been affected as a result of the publication of the report. Currently, 60% of pension funds use consolidated reporting services from their custodians.