Decision details

RESOLVED:

(a)         That the potential impact on the Council’s investment strategy of defaulting to a retail client with effect from 3rd January 2018 be noted; and

RECOMMENDED:

(b)        That applications for elected professional client status be commenced immediately with all relevant institutions in order to ensure the Council can continue to implement an effective investment strategy;

(c)         That authority be delegated to the Section 151 Officer for the purposes of completing theapplications and determining the basis of the application with respect to professional client status as either full or single service; and

(d)        That in electing for professional client status it be acknowledged and agreed that the Council will forgo the protections available to retail clients, as set out in Appendix 1 to Report Item 5 to the Cabinet.