30/06/19 to 30/06/20 |
30/06/20 to 30/06/21 |
30/06/21 to 30/06/22 |
30/06/22 to 30/06/23 |
30/06/23 to 30/06/24 |
|
---|---|---|---|---|---|
Fund | -11.2% | 25.5% | -12.0% | 7.5% | 10.3% |
Benchmark | -13.0% | 21.5% | 1.6% | 7.9% | 13.0% |
Quarter | Annualised | |||
---|---|---|---|---|
2 2024 |
3 Years to 30/06/24 |
5 Years to 30/06/24 |
10 Years to 30/06/24 |
|
Fund | 4.0% | 1.4% | 3.1% | 5.8% |
Benchmark | 3.7% | 7.4% | 5.5% | 5.9% |
Stock | % Weight |
---|---|
ASTRAZENECA | 4.94 |
RIO TINTO | 4.12 |
BUNZL | 3.78 |
MARKS & SPENCER GROUP P.L.C. | 3.54 |
LEGAL & GENERAL GROUP | 3.50 |
UNILEVER | 3.48 |
RELX | 3.45 |
AUTO TRADER GROUP | 3.36 |
INCHCAPE | 3.28 |
BABCOCK INTERNATIONAL GROUP | 3.17 |
Total | 36.63 |
Objective: The investment strategy of the fund is to purchase units in the Baillie Gifford UK Equity Core Fund - the underlying fund.
Underlying fund objective: The objective of the fund is to invest at least 80% directly or indirectly in shares of UK companies, being those which are incorporated, domiciled or conducting a significant portion of their business in the UK. The fund will be actively managed and may invest in UK companies of any size and in any sector. The fund manager will also assess shares in companies which are directly held using a Norms-based Evaluation and will comply with the fund manager investment policy on assessing breaches of the United Nations Global Compact as outlined in the company "ESG Principles and Guidelines" document. The indirect investment will be through collective investment schemes (including those managed or operated by the ACD). The fund may also invest in companies which are listed, quoted or traded in the UK. To the extent that the fund is not fully invested directly or indirectly in shares of such companies, the fund may also invest in other transferable securities of UK companies, deposits and cash. The fund may not invest in or otherwise use derivatives.
Iain is a founding member of the Global Stewardship Team and is the lead Iain is a founding member of the Global Stewardship Team and is the lead manager of our UK Core strategy. Most recently, Iain served as Chief of Investment Staff from 2013 to 2018 and became a Partner of the firm in 2005. He initially joined Baillie Gifford in 1994 and spent five years training as an Investment Manager in the US Equities Team before joining the UK Equity Team in 1999. Iain graduated MA in Accountancy from the University of Aberdeen and subsequently trained as a Chartered Accountant.
Daily price (24/07/2024) | 429.05 |
Fund size (30/06/2024) | £8.22m |
Underlying Fund size | £231.22m |
Number of holdings | 54 |
Annual Management Charge (AMC) | Please refer to the "Fund Guide" for your specific pension plan |
Launch date | 05/04/2004 |
UK Equities | 98.26% | |
Property | 1.03% | |
Cash and Equivalents | 0.71% |
Performance as at Q1 2024 - Asia Pacific ex Japan lagged the FTSE World Index in the first quarter of 2024, which was largely due to the poor performance of China and Hong Kong. The region’s largest stockmarket, China, got off to a shaky start to the quarter as investors continued to fret about weakness radiating from its property sector. Another notable laggard was Thailand – the country’s bank shares were out of favour as sentiment was dented by the prospect that net interest margins might have peaked. Better-performing markets included Taiwan, South Korea and India. All three markets have significant technology exposure (particularly the first two) and benefited from the strength of this sector. South Korea’s market was also boosted by the proposed introduction of measures to boost shareholder returns. India’s stockmarket reached a record high during the quarter as economic growth in the final three months of 2023 came in much stronger than expected.
Source: M&G
Some funds may invest in ‘underlying’ funds or other investment vehicles. The performance of our fund, compared to what it’s invested in won’t be exactly the same. That can be due to additional charges, cash management (needed to help people to enter and leave our fund when they want), tax and the timing of investments (this is known as a fund’s dealing cycle, it varies between managers and can be several days).
Source: London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2023. FTSE Russell is a trading name of certain of the LSE Group companies. e.g., “FTSE®” “Russell®”, “FTSE Russell®”, “MTS®”, “FTSE4Good®”, “ICB®”, “Mergent®, The Yield Book®,” are a trade mark(s) of the relevant LSE Group companies and are used by any other LSE Group company under license. “TMX®” is a trade mark of TSX, Inc. and used by the LSE Group under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
Source of portfolio data: Broadridge. Source of performance data: FE fundinfo. We can’t predict the future. Past performance isn’t a guide to future performance. The figures shown are intended only to demonstrate performance history of the fund, after allowing for the impact of fund charges and further costs, but take no account of any Annual Management Charge paid for by the deduction of units. Charges and further costs may vary in the future and may be higher than they are now. Fund performance is based upon the movement of the daily price and is shown as total return in GBP with gross income reinvested. The value of your client’s investment can go down as well as up and the amount your client gets back may be less than they put in.
This factsheet is intended for the advisers of occupational pension schemes using Prudential group pension contracts and Prudential grouped personal pensions and Stakeholder pension contracts. its purpose is to provide an insight into how investment markets and funds have performed over the period and is provided for information only. You should refer to your client's scheme documentation (e.g. Fund Guide) for fund availability, investment strategy, any scheme information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this infomation or make any warranties regarding results from its usage.
UK Equities | 98.26% | |
Property | 1.03% | |
Cash and Equivalents | 0.71% |
Industry | Supersector | Sector | Subsector | ||
---|---|---|---|---|---|
Industrials | 30.15% | - | - | - | |
Industrial Goods & Services | - | 26.70% | - | - | |
Industrial Support Services | - | - | 10.10% | - | |
Professional Business Support Services | - | - | - | 6.14% | |
Business Training & Employment Agencies | - | - | - | 1.51% | |
Industrial Suppliers | - | - | - | 1.24% | |
Transaction Processing Services | - | - | - | 1.22% | |
Aerospace & Defence | - | - | 4.04% | - | |
Defense | - | - | - | 3.17% | |
Aerospace | - | - | - | 0.87% | |
Industrial Engineering | - | - | 3.93% | - | |
Machinery: Construction & Handling | - | - | - | 2.52% | |
Machinery: Industrial | - | - | - | 1.42% | |
General Industrials | - | - | 3.78% | - | |
Diversified Industrials | - | - | - | 3.78% | |
Industrial Transportation | - | - | 2.74% | - | |
Commercial Vehicle-Equipment Leasing | - | - | - | 2.74% | |
Electronic & Electrical Equipment | - | - | 2.10% | - | |
Electronic Equipment: Gauges & Meters | - | - | - | 2.10% | |
Construction & Materials | - | 3.45% | - | - | |
Construction & Materials | - | - | 3.45% | - | |
Building Materials: Other | - | - | - | 2.35% | |
Engineering & Contracting Services | - | - | - | 1.10% | |
Financials | 23.18% | - | - | - | |
Insurance | - | 12.57% | - | - | |
Life Insurance | - | - | 8.54% | - | |
Life Insurance | - | - | - | 8.54% | |
Non-life Insurance | - | - | 4.03% | - | |
Property & Casualty Insurance | - | - | - | 2.62% | |
Full Line Insurance | - | - | - | 1.41% | |
Financial Services | - | 7.42% | - | - | |
Investment Banking & Brokerage Services | - | - | 7.42% | - | |
Asset Managers & Custodians | - | - | - | 6.15% | |
Investment Services | - | - | - | 1.26% | |
Banks | - | 3.20% | - | - | |
Banks | - | - | 3.20% | - | |
Banks | - | - | - | 3.20% | |
Consumer Discretionary | 14.95% | - | - | - | |
Media | - | 5.87% | - | - | |
Media | - | - | 5.87% | - | |
Publishing | - | - | - | 3.45% | |
Media Agencies | - | - | - | 2.41% | |
Consumer Products & Services | - | 5.07% | - | - | |
Household Goods & Home Construction | - | - | 2.79% | - | |
Home Construction | - | - | - | 2.79% | |
Leisure Goods | - | - | 1.20% | - | |
Toys | - | - | - | 1.20% | |
Personal Goods | - | - | 1.09% | - | |
Clothing & Accessories | - | - | - | 1.09% | |
Retail | - | 3.05% | - | - | |
Retailers | - | - | 3.05% | - | |
Home Improvement Retailers | - | - | - | 3.05% | |
Travel & Leisure | - | 0.95% | - | - | |
Travel & Leisure | - | - | 0.95% | - | |
Travel & Tourism | - | - | - | 0.95% | |
Consumer Staples | 11.31% | - | - | - | |
Personal Care, Drug & Grocery Stores | - | 8.32% | - | - | |
Personal Care, Drug & Grocery Stores | - | - | 8.32% | - | |
Food Retailers & Wholesalers | - | - | - | 4.84% | |
Personal Products | - | - | - | 3.48% | |
Food, Beverage & Tobacco | - | 2.98% | - | - | |
Beverages | - | - | 2.98% | - | |
Distillers & Vintners | - | - | - | 2.98% | |
Health Care | 8.01% | - | - | - | |
Health Care | - | 8.01% | - | - | |
Pharmaceuticals & Biotechnology | - | - | 8.01% | - | |
Pharmaceuticals | - | - | - | 7.34% | |
Biotechnology | - | - | - | 0.66% | |
Basic Materials | 4.12% | - | - | - | |
Basic Resources | - | 4.12% | - | - | |
Industrial Metals & Mining | - | - | 4.12% | - | |
General Mining | - | - | - | 4.12% | |
Technology | 3.89% | - | - | - | |
Technology | - | 3.89% | - | - | |
Software & Computer Services | - | - | 3.89% | - | |
Consumer Digital Services | - | - | - | 3.36% | |
Software | - | - | - | 0.53% | |
Real Estate | 3.33% | - | - | - | |
Real Estate | - | 3.33% | - | - | |
Real Estate Investment & Services | - | - | 1.89% | - | |
Real Estate Services | - | - | - | 1.89% | |
Real Estate Investment Trusts | - | - | 1.44% | - | |
Diversified REITs | - | - | - | 1.03% | |
Office REITs | - | - | - | 0.41% | |
Cash and Equivalents | 0.71% | - | - | - | |
Energy | 0.36% | - | - | - | |
Energy | - | 0.36% | - | - | |
Non-Renewable Energy | - | - | 0.36% | - | |
Oil: Crude Producers | - | - | - | 0.36% |
UK | 98.26% | |
Property | 1.03% | |
Cash and Equivalents | 0.71% |
Region | Country | ||
---|---|---|---|
UK | 98.26% | - | |
![]() |
- | 98.26% | |
Property | 1.03% | - | |
Cash and Equivalents | 0.71% | - |
Mega |
|
27.29% |
Large |
|
23.74% |
Medium |
|
40.21% |
Small |
|
6.74% |
Micro |
|
0.36% |
Non-Classified |
|
0.95% |
Cash |
|
0.71% |
Stock | % Weight | Sector | Country | |
---|---|---|---|---|
1 | ASTRAZENECA | 4.94% | Pharmaceuticals & Biotechnology | United Kingdom |
2 | RIO TINTO | 4.12% | Industrial Metals & Mining | United Kingdom |
3 | BUNZL | 3.78% | General Industrials | United Kingdom |
4 | MARKS & SPENCER GROUP P.L.C. | 3.54% | Personal Care, Drug & Grocery Stores | United Kingdom |
5 | LEGAL & GENERAL GROUP | 3.50% | Life Insurance | United Kingdom |
6 | UNILEVER | 3.48% | Personal Care, Drug & Grocery Stores | United Kingdom |
7 | RELX | 3.45% | Media | United Kingdom |
8 | AUTO TRADER GROUP | 3.36% | Software & Computer Services | United Kingdom |
9 | INCHCAPE | 3.28% | Industrial Support Services | United Kingdom |
10 | BABCOCK INTERNATIONAL GROUP | 3.17% | Aerospace & Defence | United Kingdom |
UK Equities | Int'l Equities | UK Bonds | Int'l Bonds | UK Gilts | Property | Other | Cash & Equiv | Total | |
---|---|---|---|---|---|---|---|---|---|
Technology | 3.89% | - | - | - | - | - | - | - | 3.89% |
Financials | 23.18% | - | - | - | - | - | - | - | 23.18% |
Real Estate | 2.30% | - | - | - | - | 1.03% | - | - | 3.33% |
Consumer Discretionary | 14.95% | - | - | - | - | - | - | - | 14.95% |
Consumer Staples | 11.31% | - | - | - | - | - | - | - | 11.31% |
Energy | 0.36% | - | - | - | - | - | - | - | 0.36% |
Health Care | 8.01% | - | - | - | - | - | - | - | 8.01% |
Industrials | 30.15% | - | - | - | - | - | - | - | 30.15% |
Basic Materials | 4.12% | - | - | - | - | - | - | - | 4.12% |
Cash and Equivalents | - | - | - | - | - | - | - | 0.71% | 0.71% |
Some funds may invest in ‘underlying’ funds or other investment vehicles. The performance of our fund, compared to what it’s invested in won’t be exactly the same. That can be due to additional charges, cash management (needed to help people to enter and leave our fund when they want), tax and the timing of investments (this is known as a fund’s dealing cycle, it varies between managers and can be several days).
Source: London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2023. FTSE Russell is a trading name of certain of the LSE Group companies. e.g., “FTSE®” “Russell®”, “FTSE Russell®”, “MTS®”, “FTSE4Good®”, “ICB®”, “Mergent®, The Yield Book®,” are a trade mark(s) of the relevant LSE Group companies and are used by any other LSE Group company under license. “TMX®” is a trade mark of TSX, Inc. and used by the LSE Group under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The Industry Classification Benchmark is a product of FTSE International Limited and has been licensed for use.
This factsheet is for investment professionals and is for information purposes only. Should you wish to present any of this content to your client, please refer to similar pages on pru.co.uk. You should refer to your client’s policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.
Sedol Code | 3420188 |
Mex Code | PUPAC |
Isin Code | GB0034201888 |
Citi Code | P552 |
Annual Management Charge (AMC) | Please refer to the "Fund Guide" for your specific pension plan |
Aims | Objective: The investment strategy of the fund is to purchase units in the Baillie Gifford UK Equity Core Fund - the underlying fund. Underlying fund objective: The objective of the fund is to invest at least 80% directly or indirectly in shares of UK companies, being those which are incorporated, domiciled or conducting a significant portion of their business in the UK. The fund will be actively managed and may invest in UK companies of any size and in any sector. The fund manager will also assess shares in companies which are directly held using a Norms-based Evaluation and will comply with the fund manager investment policy on assessing breaches of the United Nations Global Compact as outlined in the company "ESG Principles and Guidelines" document. The indirect investment will be through collective investment schemes (including those managed or operated by the ACD). The fund may also invest in companies which are listed, quoted or traded in the UK. To the extent that the fund is not fully invested directly or indirectly in shares of such companies, the fund may also invest in other transferable securities of UK companies, deposits and cash. The fund may not invest in or otherwise use derivatives. |
Benchmark | FTSE All-Share Index + 1% |
Sector | ABI UK All Companies |
Some funds may invest in ‘underlying’ funds or other investment vehicles. The performance of our fund, compared to what it’s invested in won’t be exactly the same. That can be due to additional charges, cash management (needed to help people to enter and leave our fund when they want), tax and the timing of investments (this is known as a fund’s dealing cycle, it varies between managers and can be several days).
Source: London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2023. FTSE Russell is a trading name of certain of the LSE Group companies. e.g., “FTSE®” “Russell®”, “FTSE Russell®”, “MTS®”, “FTSE4Good®”, “ICB®”, “Mergent®, The Yield Book®,” are a trade mark(s) of the relevant LSE Group companies and are used by any other LSE Group company under license. “TMX®” is a trade mark of TSX, Inc. and used by the LSE Group under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
Charges and further costs may vary in the future and may be higher than they are now.
This factsheet is for investment professionals and is for information purposes only. Should you wish to present any of this content to your client, please refer to similar pages on pru.co.uk. You should refer to your client’s policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.
Ratio | Value |
---|---|
Alpha | -2.10 |
Beta | 1.10 |
Sharpe | 0.00 |
Standard Deviation | 14.67 |
Info Ratio | -0.27 |
Risk Factor | Yes / No |
---|---|
Charges to Capital | No |
Emerging Markets | No |
Concentrated Portfolio | No |
Smaller Companies | No |
High Yield Bonds | No |
Sector Specific | No |
Geared Investments | No |
Value of Investments | Yes |
Investments Long Term | Yes |
Property | No |
Exchange Rate | No |
Higher Risk | No |
Performance Charges | No |
Derivative Exposure | No |
Offshore | No |
Income Eroding Capital Growth | No |
Umbrella Liabilities | No |
New Fund | No |
Solvency of Depository | No |
Solvency of Bond Issuers | No |
Ethical Restrictions | No |
Liquidity | No |
Returns Are Not Guaranteed | Yes |
Inflation | Yes |
Taxation and Tax Relief | Yes |
The value of investments, and any income can fall, as well as rise, so you could get back less than you invested. Neither capital nor income is guaranteed.
Investments should be regarded as long term and are not suitable for money which may be needed in the short term, you should always have a sufficient cash reserve.
What you receive when you sell your investment is not guaranteed; it depends on how your investments perform.
Inflation will reduce the real value of your investments in future.
Levels of taxation and tax relief are subject to change.
Some funds may invest in ‘underlying’ funds or other investment vehicles. The performance of our fund, compared to what it’s invested in won’t be exactly the same. That can be due to additional charges, cash management (needed to help people to enter and leave our fund when they want), tax and the timing of investments (this is known as a fund’s dealing cycle, it varies between managers and can be several days).
Source: London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2023. FTSE Russell is a trading name of certain of the LSE Group companies. e.g., “FTSE®” “Russell®”, “FTSE Russell®”, “MTS®”, “FTSE4Good®”, “ICB®”, “Mergent®, The Yield Book®,” are a trade mark(s) of the relevant LSE Group companies and are used by any other LSE Group company under license. “TMX®” is a trade mark of TSX, Inc. and used by the LSE Group under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
The risk factor definitions are provided by Broadridge. These definitions may differ from those of Prudential or any underlying fund manager. The data itself is provided by Prudential or the underlying fund manager.
This factsheet is intended for the advisers of occupational pension schemes using Prudential group pension contracts and Prudential grouped personal pensions and Stakeholder pension contracts. its purpose is to provide an insight into how investment markets and funds have performed over the period and is provided for information only. You should refer to your client's scheme documentation (e.g. Fund Guide) for fund availability, investment strategy, any scheme information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this infomation or make any warranties regarding results from its usage.
These risk ratings have been developed by Prudential to help provide an indication of a fund’s potential level of risk and reward based on the type of assets which may be held by the fund. Other companies may use different descriptions and as such these risk ratings should not be considered as generic across the fund management industry.
We regularly review our fund risk ratings, so they may change in the future. If, in our view, there is a material change in the fund's level of risk, for example due to a significant change to the assets held by the fund or in the way the fund is managed, we will provide information on the new risk rating. We recommend that you make sure you understand the risk rating of any fund before you invest.
This factsheet is intended for the advisers of occupational pension schemes using Prudential group pension contracts and Prudential grouped personal pensions and Stakeholder pension contracts. Its purpose is to provide an insight into how investment markets and funds have performed over the period and is provided for information only. You should refer to your client's scheme documentation (e.g. Fund Guide) for fund availability, investment strategy, any scheme information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this infomation or make any warranties regarding results from its usage.
Some funds may invest in ‘underlying’ funds or other investment vehicles. The performance of our fund, compared to what it’s invested in won’t be exactly the same. That can be due to additional charges, cash management (needed to help people to enter and leave our fund when they want), tax and the timing of investments (this is known as a fund’s dealing cycle, it varies between managers and can be several days).
Source: London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2023. FTSE Russell is a trading name of certain of the LSE Group companies. e.g., “FTSE®” “Russell®”, “FTSE Russell®”, “MTS®”, “FTSE4Good®”, “ICB®”, “Mergent®, The Yield Book®,” are a trade mark(s) of the relevant LSE Group companies and are used by any other LSE Group company under license. “TMX®” is a trade mark of TSX, Inc. and used by the LSE Group under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
Source of performance data: FE fundinfo. We can’t predict the future. Past performance isn’t a guide to future performance. The figures shown are intended only to demonstrate performance history of the fund, after allowing for the impact of fund charges and further costs, but take no account of any Annual Management Charge paid for by the deduction of units. Charges and further costs may vary in the future and may be higher than they are now. Fund performance is based upon the movement of the daily price and is shown as total return in GBP with gross income reinvested. The value of your client’s investment can go down as well as up and the amount your client gets back may be less than they put in.
This factsheet is intended for the advisers of occupational pension schemes using Prudential group pension contracts and Prudential grouped personal pensions and Stakeholder pension contracts. Its purpose is to provide an insight into how investment markets and funds have performed over the period and is provided for information only. You should refer to your client's scheme documentation (e.g. Fund Guide) for fund availability, investment strategy, any scheme information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this infomation or make any warranties regarding results from its usage.
Prudential is a trading name of Prudential Pensions Limited. Prudential Pensions Limited is registered in England and Wales. Registered office at 10 Fenchurch Avenue, London EC3M 5AG. Registered number 992726. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.