Providing for a
better future
Lakeside Portfolio Services Limited
Cost effective model investment portfolios,
risk managed exclusively for clients of Lakeside and our partners.
Lakeside Portfolio Services Ltd. is authorised and regulated by the Financial Conduct Authority and provides model investment portfolios for use by Lakeside Wealth Management Ltd. and its Appointed Representatives including Lakeside FS Ltd.
For clients invested on the Lakeside Investment Platform Ltd. the service is paid for by the platform, you should note that this does not mean that the service is free.
For clients invested on other investment platforms the charge for the service is 0.24% of the funds under management. This is an annual fee calculated and deducted monthly.
Pillar 3 Disclosure
This disclosure is made in accordance with the European Union Capital Requirements Directive as adopted and implemented in the UK by the Financial Conduct Authority (“FCA”). The FCA has incorporated this into its regulations through the General Prudential Sourcebook (“GENPRU”) and the Prudential Sourcebook (“IFPRU”) for investment firms.
The three ‘Pillars’ which constitute the Capital Requirements Directive are:
Pillar 1 Minimum Capital Requirements, being the greater of either the BIPRU license limit or the Fixed Overhead Requirement or the sum of the Credit Risk & Market Risk.
Pillar 2 requires the regulated Firm to evaluate business risk exposures and to calculate the amount of capital that should be held against those exposures. This process forms the basis of the Internal Capital and Risk Assessment (“ICARA”) required by the FCA. The amount of capital the company is required to hold is the greater of the Pillar 1 and Pillar 2 values.
Pillar 3 sets disclosure requirements which enable market participants to assess information on the Company’s risks, capital and risk management procedures. Part Eight of the CRR sets out the Pillar 3 public disclosure requirements.
The CRR rules governing disclosures state that the firm may omit one or more of the disclosures, provided the disclosure omitted is not material (Article 431 (1)). The firm may also choose not to disclose information if its proprietary or confidential, however, it must state if such items have been omitted (Article 432 (2)), with exception of Risk Management objectives & policy (Article 432 (2) C)), own funds (Article 437) and remuneration policy (Article 450).
In our view, proprietary information is that which, if it were shared, would undermine our competitive position. Information is considered to be confidential where there are obligations binding us to confidentiality with our customers, suppliers and counterparties. The Firm has made no omissions on the grounds that it is immaterial, proprietary or confidential.
Frequency of Disclosure
The disclosure will be updated annually following the completion of the firm’s annual accounts.
Location and Verification
The information will be provided on our website www.lakesidefs.co.uk/portfolio and will be based on the information provided to companies house by the firm’s accountants which is approved by the companies board of directors.
Scope of Application
Lakeside Portfolios Services Ltd. Companies House Number 11787262 is a discretionary investment management company incorporated in the UK. This firm is the only firm you will find on the www.lakesidefs.co.uk which is subject to the Internal Capital Adequacy Assessment Process (“ICAAP”). The firm does not deal in non-standard assets and all trading is undertaken on regulated investment platforms who act as nominee and custodian for client assets. Accounting is undertaken in line with standard requirements.
Risk Management
The directors of Lakeside Portfolio Services Ltd determine the firm’s business strategy and appetite for risk. They are responsible for the design and oversight of the firm’s risk management policies which are based on the firm’s ICARA.
Capital Resources
The capital account is £73,584 which is shareholder’s equity, capital and reserves.
Base capital requirements for the firm is €50,000 increasing to €75,000 by 2027.
The firm has used stress tested forecasts and wind down scenarios when setting the capital requirement basis.
Remuneration Policy
The firm pays fixed salaries and/or pensions to employees who currently only consist of senior management and investment managers.
In addition to the fixed salaries, bonuses may be payable provided that the portfolios have met their mandated objectives over the previous 60 month rolling period. This is to encourage investment risk and thus performance management in line with stated objectives.
As a result of the staff structure; the firm, business units and individuals are all treated as one senior management team for the purpose of qualification for variable remuneration awards.
The remuneration policy is reviewed annually and agreed by the firm’s directors.
The firm liaises with Bankhall compliance consultants when creating new policy and procedure.
The firm paid £129,096 in fixed remuneration for the previous financial year.
The firm paid £80,144 in variable remuneration for the previous financial year.
Contacts
The firm can be contacted at portfolio@lakesidefs.co.uk or on 0330 100 4808.
Date of Issue
This information was last updated on 16th February 2021.