Development of the Target Operating Model (TOM) and asset template progress. Update on the property search. Options for terms & conditions of Employees of BCPP Ltd. Company committee structures and the roles of Non-Executive Directors. Governance requirements for BCPP Ltd. as a Financial Conduct Authority (FCA) regulated entity. Update on the Executive search, remuneration and recruitment process. 4.7 Attached as Appendix A is a high level project plan showing progress made since receiving ministerial approval. The key change to note is the change of proposed live” date to 1 “go June 2018, a slippage of two months. 5. BCPP OPERATING MODEL – 5.1 The key areas of scope within this workstream are summarised in the table below: Core Activity Description Status Tax and Financial Tender for external consultancy services Completed Services tender covering the tax and financial considerations relating to the Operating Model and asset structuring Operating and Tender for external consultancy services Completed Regulatory Model covering the selection of the depository, FCA tender compliance and ICT design and implementation Operating FCA approved process, selection of Ongoing & to plan depository and associated service providers, and design, testing and implementation of ICT (in conjunction with external advisor(s)) Asset allocation Design of the asset allocation template Ongoing & to plan template detailing the sub-funds to be offered to be – approved by the Joint Committee Sub-fund Drafting of the prospectus for each sub-fund To commence in prospectuses to be approved by the Joint Committee and summer 2017 – reviewed/approved by the FCA Transition Timetable for transition of assets and To commence in planning selection of appropriate external transition summer 2017 managers Resource planning Determine the appropriate level of resources To commence in to manage the proposed sub-funds linking summer 2017 – with the people workstream 5.2 All external advisors for the workstream are now in place: Legal (Eversheds Sutherland); Tax and Financial Services (Deloitte); and Operating and Regulatory Model (Alpha FMC)
Development of the Target Operating Model (TOM) and asset template progress. Update on the property search. Options for terms & conditions of Employees of BCPP Ltd. Company committee structures and the roles of Non-Executive Directors. Governance requirements for BCPP Ltd. as a Financial Conduct Authority (FCA) regulated entity. Update on the Executive search, remuneration and recruitment process. 4.7 Attached as Appendix A is a high level project plan showing progress made since receiving ministerial approval. The key change to note is the change of proposed “go live” date to 1 June 2018, a slippage of two months. 5. BCPP – OPERATING MODEL 5.1 The key areas of scope within this workstream are summarised in the table below: Core Activity Description Status Tax and Financial Services tender Tender for external consultancy services covering the tax and financial considerations relating to the Operating Model and asset structuring Completed Operating and Regulatory Model tender Tender for external consultancy services covering the selection of the depository, FCA compliance and ICT design and implementation Completed Operating FCA approved process, selection of depository and associated service providers, and design, testing and implementation of ICT (in conjunction with external advisor(s)) Ongoing & to plan Asset allocation template Design of the asset allocation template detailing the sub-funds to be offered – to be approved by the Joint Committee Ongoing & to plan Sub-fund prospectuses Drafting of the prospectus for each sub-fund – to be approved by the Joint Committee and reviewed/approved by the FCA To commence in summer 2017 Transition planning Timetable for transition of assets and selection of appropriate external transition managers To commence in summer 2017 Resource planning Determine the appropriate level of resources to manage the proposed sub-funds – linking with the people workstream To commence in summer 2017 5.2 All external advisors for the workstream are now in place: Legal (Eversheds Sutherland); Tax and Financial Services (Deloitte); and Operating and Regulatory Model (Alpha FMC)
att1011454.docx