Agenda item

Bevis Ingram (Senior Adviser – Local Government Finance) introduced the report and highlighted the updates on various consultations:

·         The LGA’s response to the Financial Conduct Authority’s consultation on the implementation of the Markets in Financial Instruments Directive II regulations had been approved by the Board in December, and the regulations were due to be published by 3 July 2017. Local authorities would have to implement the regulations by the end of December 2017.

·         Members noted that Resources Board Lead Members had approved a response to the Ministry of Justice’s consultation on the process for setting the discount rate for personal injury insurance claims. They highlighted that the change in rate would result in increased cost for local government and this would need to be provided for.

·         The LGA’s response to the Cipfa Prudential code for capital finance had been approved at the previous meeting of the Board, and the draft revised code was expected to be consulted on over the summer.

Decision

The Board noted the report.