Called ClearGlass, the new service is designed to make the new cost transparency regime easy for pension schemes, trustees, consultants and asset managers.
The service has been established by Sier, who is the architect of the FCA’s new IDWG cost disclosure templates. ClearGlass was soft-launched in November 2018.
Sier says ClearGlass is fully aligned with the Cost Transparency Initiative (CTI), and will enable asset owners to obtain full charge disclosure from their asset managers via the company, which will collect, check, summarise and analyse the data for a fee of £100 per mandate.
Sier says ClearGlass removes nearly all obstacles for the new cost transparency regime to achieve its full positive impact.
The FCA’s initiative to bring full transparency to the costs involved in pension schemes was kicked off by setting up the Institutional Disclosure Working Group (IDWG) that was chaired by Sier.
The new cost disclosure templates proposed by the IDWG were endorsed by the FCA last year. The CTI was set up to oversee and monitor the introduction and operation of these new templates.
The CTI is due to formally launch the machine-readable version of the cost disclosure templates later next month to assist the asset managers in adopting them.
To date, following an earlier soft launch, ClearGlass has already secured business from 30 pensions schemes, which has involved working with 104 different asset managers, representing 470 mandates.
ClearGlass says its leading-edge technology and Sier’s insights on the new regime mean can support as much of the sector as chooses to come to it at a fee level which ensures pension funds of all sizes can afford to use the service. The company says it has a strong social mission to assist schemes of all sizes in adopting transparency for their members.
Sier says: “We have been delighted with the enthusiasm that many pensions schemes, consultancies and asset managers have shown in engaging with ClearGlass already.
“So far very few asset managers have shown reluctance to cooperate with the new regime, whilst the majority have been keen and very positive about the new landscape of full cost transparency which is finally on its way. This is great news for all concerned, including pension scheme members.”