August 2020

Investors Unite To Ask Global Companies Operating In The Gulf Nations To Protect Migrant Workers From Debt Bondage And Modern Day Slavery

  • Covid-19 pandemic has resulted in cancellation of contracts and job losses, leaving migrant workers without means to repay large debts acquired due to unethical recruitment processes
  • Investors have requested that over 50 companies, from the high-risk sectors of oil and gas, construction and hospitality operating out of Gulf nations, provide details on how they are safeguarding workers
  • Investor group comprises 38 investors with over $3trn AUM

London, 5 August, 2020 – A group of institutional investors with over $3 trillion of assets under management, led by CCLA and supported by investors including Aviva Investors, Schroders and M&G, has written to 54 companies, including leading multinational brands with business operations in the Gulf nations, to request details about their approach to safeguarding migrant workers. This follows concerns about workers’ welfare, particularly relating to recruitment practices which may result in debt bondage, as well as the retention of their passports.

The investors are responding to recent reports that have identified how migrant workers in Gulf nations, recruited and employed through labour outsourcing agencies, are coerced into paying large fees to agents and middlemen as part of the recruitment processes for roles supporting major international businesses. The payment of recruitment fees, often only made possible by taking out excessive loans at high interest rates or by signing over assets and property, can mean that workers are left in a position of ‘debt bondage’, and thus are at high risk of forced labour and modern-day slavery.

Migrant workers make up around 50% of the population in the Gulf nations and, in some, they comprise up to 90% of the workforce1. The global Covid-19 pandemic has resulted in many migrant workers’ roles being revoked or in workers losing their jobs. This has left many facing substantial debts that they will likely find impossible to repay and the prospect of rising rates of suicide and other social harms.

Focused on the high-risk sectors of hospitality, construction, and oil and gas, the investor letter recognises that, due to the complicated nature of migrant worker recruitment supply chains and layers of labour outsourcing, many end-user companies may be unaware of these risks that impact upon the migrant workers who work in their operations.

For this reason, the letter asks whether the companies use any labour outsourcing companies or migrant workers within their operations in the Gulf states. If so, it asks for


information on how they work with these agencies. It also asks for details about the policies and processes in place to identify, reimburse and provide other forms of remedy to migrant workers who have been impacted by recruitment fees and/or passport retention.


Mr Peter HUGH SMITH, CCLA’s Chief Executive, said:

“The International Labour Organisation regards the payment of recruitment fees and costs as a significant indicator of forced labour with debt bondage estimated to be a factor in over half of the 25 million cases of forced labour worldwide. A quarter of the forced labour victims globally are comprised of migrant workers2. As investors, we have a moral duty to ensure that we are not profiting from modern slavery in any shape or form and CCLA will continue to encourage the investment community and leading companies to do more to uncover and prevent modern slavery.”


Ms Rosey HURST, Founder of Impactt, who has assisted the engagement, said:

“Migrant labour recruitment fees are a systemic issue that Covid-19 is turning into a crisis. Reimbursing recruitment fees, paid for by workers, is not only possible – it is absolutely necessary in order to right this wrong. Identifying amounts paid, and defining repayment schedules is easier than it sounds, if you have expert support and are committed to resolving the issue”


Mr Andy HALL, an independent migrant worker rights specialist focusing on Asia and the Gulf, and working out of Nepal, said:

“I have seen at first hand the negative impact that recruitment fees and associated costs can have on migrant workers’ lives. Migrant workers are sold a dream of a better life that can quickly turn into a nightmare. This situation, often resulting in modern day slavery, has been exacerbated by Covid-19 and local laws. Investors, as the end-owners of companies, can play an important role in pushing companies to develop better processes to identify and provide remedy to victims of debt bondage and forced labour.”


Revd David SCHILLING, Senior Programme Director – Human Rights and Resources at the Interfaith Center for Corporate Responsibility, said:

“Foreign migrant workers are the least able to pay exorbitant recruitment fees and costs to obtain a job, yet this is still the reality for most workers. ICCR investors have pressed companies in their portfolios to adopt ethical recruitment policies that include employers, not workers, paying for recruitment. Corporate policy commitments are important, but workers are desperate for remedy. This includes being reimbursed for the fees they have paid that often accelerates their slide into poverty and bonded labour.”

2 Crest, a regional partnership initiative of the International Organisation For Migration


Ms Faith WARD, Chief Responsible Investment Officer at the Brunel Pension Partnership, said:

‘Whilst investors are increasingly interested in the impact of environmental, social and governance factors on the financial performance of companies we have to make sure that we are also delivering real world, positive, change. I hope that this letter encourages companies to investigate their labour supply chain and provide strong safeguards for migrant workers”


Mr Steve WAYGOOD, Chief Responsible Investment Officer at Aviva Investors, said:

“There is no place for modern day slavery in the economies of today, nor any practice which exploits at-risk groups in our society. Human rights issues have a material impact on corporate performance and investors are increasingly recognising the long-term costs associated with employers mistreating workers. As shareholders, and therefore the ultimate owners of these businesses, investors have the right – and responsibility – to use their voting powers in holding firms to account and promoting positive change.”

CCLA is a specialist investment manager for the UK based charity, faith and local authority investors. They have a long history of involvement in projects to protect human rights and well-being. Initiatives over the last ten years include Find It, Fix It, Prevent It, encouraging hoteliers to protect against Child Sex Trafficking, promoting the Employer Pays Principle, and, alongside the Church Investors Group, delivering a market wide engagement programme promoting better action on slavery in supply chains.


Notes to Editors

The list of companies being asked about their approach to safeguarding migrant labourers in the UAE includes the following companies (NB inclusion on this list in no way implies any wrongdoing on behalf of the company):


ABB Ltd, Abengoa, Accor SA, Acciona, Bam International, Besix (Orascom Construction), Bouygues S.A, Brookfield Asset Management Inc., Eiffage SA, ENEOS Holdings Inc., ENI S.P.A., Equinor ASA, Exxon Mobil Corporation, Groupe WSP Global Inc., Halliburton Company, Hilton Worldwide Holdings Inc., Hyatt, Idemitsu Kosan Co. Ltd., INPEX Corporation, Jacobs Engineering Group Inc., Kier, Koninklijke Vopak N.V., Marriott International, Inc., McDonald’s Corporation, Multiplex, National Oilwell Varco INC., Neste Oyj, Obayashi Corporation, Occidental Petroleum Corporation, OMV Aktiengesellschaft, Petrofac, Phillips 66, Repsol S.A., Restaurant Brands International Inc., Royal Caribbean Cruises Ltd., Royal Dutch Shell Plc., Salini Impregilo, Samsung C&T, Samsung Engineering, SNC-Lavalin, Schlumberger N.V., Shimizu Corporation, Skanska AB, Sodexo SA, Starbucks Corporation, Taisei Corporation, Technip FMC, Técnicas Reunidas, Tenaris S.A., Total SA, Valero Energy Corporation, VINCI S.A., Yum! Brands Inc., Wyndham,


The list of investors signing the letter includes: CCLA Investment Management, Schroders PLC, Aviva, M&G Investments, Ethos Engagement Pool International, First Sentier, KLP, Rathbone Brothers PLC, Brunel Pension Partnership, The Church Commissioners for England, The Church of England Pensions Board, Ethos Foundation Switzerland, SHARE, The Interfaith Center for Corporate Responsibility, The Church Investors Group, The Episcopal Church,  Azzad Asset Management, Boston Common Asset Management, Mercy Investment Services, The Friends Provident Foundation, The Lankelly Chase Foundation, The Maryknoll Sisters, Adrian Dominican Sisters Portfolio Advisory Board, CommonSpirit Health, Congregation of St. Joseph, Providence St Joseph Health and the Daughters of Charity, Province of St. Louise.


 To view a typical migrant’s recruitment journey, see page 15 of the UK government’s modern slavery statement


Please note, this initiative is not part of the ‘Find It, Fix it, Prevent It’ modern slavery project, also led by CCLA. This is due to the rapid response required for this engagement, but it is backed by many of the same investors.


April 2019

CCLA announces new Chief Executive

Charity and local authority fund managers CCLA Investment Management Limited announced today that Peter Hugh Smith will succeed Michael Quicke as CEO from 9 July 2019.

Mr Quicke will retire after 13 years at the helm, having joined CCLA in 2006. Under his leadership, CCLA has doubled in size, now with £9 billion of assets under management. Mr Quicke was also awarded an OBE for his services to national heritage in 2013.

His successor has a wealth of experience in investment management. Most recently, as Managing Director of investment management service Link Fund Solutions, Mr Hugh Smith was responsible for growing the business into the third largest Authorised Fund Manager in the UK in less than 5 years. His experience has ranged from wholesale relationship management at Russell Investments, to establishing an asset management business for Hong Kong conglomerate Seapower. 

Richard Horlick, Chairman of the Board at CCLA, said: “Michael has grown and successfully navigated the organisation through a period of unprecedented change. Peter joins us at an exciting time, and with his leadership, background and knowledge the Board are confident that we will continue our success in the future.”

Mr Hugh Smith said: “I’m honoured to be joining CCLA at a time when the investment management industry is under considerable pressure to meet both investors’ needs and the needs of wider society. CCLA’s purpose is to help its clients maximise their impact on society by harnessing the power of investment markets.  With its strong ESG approach and its excellent long-term performance record it is in an enviable position.  I’m looking forward to joining the team and building on Michael Quicke’s impressive legacy.”



Previous press releases

9th June 2017

Investor groups leading collaborative engagement on issues of climate risk win prestigious awards

‘Aiming for A’, the climate stewardship initiative launched in 2012 by CCLA to strengthen investor engagement with UK-listed extractives and utilities companies, earned major recognition this week when it won the inaugural Responsible Investor Award for Innovation & Leadership in the ‘Collaborations’ category.

Helen Wildsmith, Stewardship Director – Climate Change, CCLA and founder of ‘Aiming for A’, also won commendation in the award category for an Outstanding Individual Contribution.

The RI Innovation & Industry Leadership awards – launched this year to mark the 10th anniversary of RI Europe – were judged by around 50 leading industry figures worldwide. They recognise best practice in the responsible investment, ESG and sustainable finance community globally and are intended to build on the RI Reporting Awards (established in 2013 to recognise best practice and transparency across the institutional investment sector).

Commenting on her double win Helen Wildsmith said: “It’s great to see the ‘Aiming for A’ coalition earn such prestigious recognition for the stewardship techniques it has developed to address non-diversifiable climate change risks, especially just as investors have achieved a significant milestone at ExxonMobil. Both awards are also a great way to complete a key transitional year where the work of ‘Aiming for A’ has now moved in house at the Institutional Investors Group on Climate Change (IIGCC) to form a key part of their long-standing collaborative investor engagement programme.”

IIGCC, the collaborative forum on climate solutions that represents 137 European institutional asset owners and managers with over €18Trn under management, also won the first RI Innovation & Industry Leadership award to a ‘Service Provider’. Stephanie Pfeifer, CEO of IIGCC said, “We are thrilled to see our efforts - and those of several active members - recognised across the industry in this way. Given the impact that climate change and the energy transition will have on portfolios, it is paramount that investors pursue a pattern of active stewardship that requires companies across all the high emitting sectors to firmly address climate risk. Nothing less will deliver both the pace and scale of effort required to implement the Paris Agreement and to develop a genuinely sustainable low carbon economy – with all the jobs, prosperity and innovation that this entails.”

Both awards and the commendation for Helen Wildsmith underscore and celebrate the recent success achieved at ExxonMobil’s AGM where the Church Commissioners, a founding member of ‘Aiming for A’, co-filed a resolution (with the New York State Pension Scheme and a $5tn investor coalition) requiring substantially greater climate risk analysis and disclosure by the company going forward that was backed by 62% of shareholders. Edward Mason, Head of Responsible Investment for the Church Commissioners added:  "We were delighted to work on replicating, at Exxon, the success of the UK ‘Aiming for A’ shareholder resolutions. With Exxon opposing the resolution, investor stewardship on climate change took a huge step forward last month when shareholders nonetheless passed the resolution by a wide margin.”



4th November 2016

CCLA announces new Chairman of the Board

Charity and local authority fund managers CCLA Investment Management Limited announced today that Richard Horlick will succeed James Dawnay as Chairman from 1st January 2017.

Mr Dawnay will retire having been Chairman for twelve years. During his tenure, CCLA has grown to become one of the most highly regarded fund managers in its sector.

Mr Horlick has extensive experience in investment management, including Chief Executive of Schroders Investment Management Ltd, President, Institutional Business of Fidelity International Ltd (UK) and as a director of Newton Investment Management Ltd.

Mr Dawnay said, “CCLA's growing reputation as an outstanding manager of tax exempt funds has been reflected in the rapid growth of its funds under management in recent years. I am proud to have played a part in this and believe that under Richard Horlick's leadership it will continue to build its business on firm foundations."

Mr Horlick said, “I am delighted to have been selected to follow in the footsteps of James Dawnay under whose wise guidance the organisation has come far. CCLA is a very worthwhile body which contributes to the greater good through its work for the Charities, local authorities and the Church”

Commenting on James Dawnay’s retirement and Richard Horlick’s appointment, CCLA’s Chief Executive, Michael Quicke said, “James has provided the leadership and support for the Executive Committee that has enabled us to achieve so much.  Richard joins us at a very exciting time and his skills and experience will be of great benefit to CCLA in the future.” 

About CCLA

  • Just manages investments for charities, religious organisations and the public sector and is largely owned by its clients.
  • Its funds have delivered a strong performance, with the flagship £1.6bn COIF Charities Investment Fund delivering an average total return after expenses of 12.42% per annum over the last five years which compares with 9.40% per annum for the ARC Steady Growth Charity Index.
  • Has grown significantly, with £1.3bn in net new fund flows over the last three years, increasing funds under management by 43% to £6.7bn.



4 October 2016

Fitch Affirms 2 CCLA Managed Deposit Funds at ‘AAAf’/’S1’

Fitch Ratings-Paris/London 3 October 2016: Fitch Ratings has affirmed The CBF Church of England Deposit Fund’s (CBF) and the COIF Charities Deposit Fund’s (COIF) ratings at Fund Credit Quality ‘AAAf’ and Fund Market Risk Sensitivity ‘S1’. The funds are managed by CCLA Investment Management Limited (CCLA).

The affirmation of the Fund Credit Quality Ratings is driven by the high credit quality of the funds as measured by their weighted average rating factor (WARF), which is consistent with a ‘AAAf’ Fund Credit Quality Rating, and limited sensitivity to Fitch’s stress testing analysis.

The affirmation of the ‘S1’ Fund Market Risk Sensitivity Ratings is driven by the funds’ low sensitivity to interest rate and spread risks, as reflected in the funds’ short maturity profile.


Weighted Average Credit Quality

The weighted average credit quality of the funds is high, as indicated by their WARF, which were 0.15 as at end-August 2016. The funds’ investment guidelines allow a minimum credit quality of ‘A-’ at purchase.

The funds’ investment guidelines limit the amount of risk the funds can take based on a combination of self-imposed criteria. These criteria include limits on minimum credit quality, (A-), maximum counterparty limits (10% per counterparty) and a maximum individual exposure maturity limit (of one year), among others.

Portfolio Sensitivities to Market Risks

The funds have low exposure to interest rate and spread risks. The weighted average maturity (WAM) and life (WAL) were close to 100 days for both funds, resulting in a market risk factor well within the ‘S1’ Fund Market Risk Sensitivity Rating range as of end-August 2016. The funds’ WAMs are limited to 120 days as per their respective investment policies. Both funds invest solely in GBP instruments and deposits and neither fund is allowed to utilise leverage.

The Trustee and Advisor

The funds’ trustees are CBF Funds Trustee Limited (CBFFT) and the COIF Board. Both CBFFT and the COIF Board have delegated to CCLA the investment management and administrative responsibilities for the respective funds.

COIF is classified as an alternative investment fund under applicable regulation and accordingly is managed by CCLA Fund Managers Limited, an Alternative Investment Fund Managers Directive-compliant (wholly owned) subsidiary of CCLA.

CCLA is a UK-based fund management group offering a range of fund products. CCLA is jointly owned by CCLA Executive Directors, The CBF Church of England Investment Fund, the COIF Charities Investment Fund and The Local Authorities’ Mutual Investment Trust. An independent operational risk, internal audit and compliance team maintains oversight of the funds’ operations. At as end-March 2016, CCLA managed GBP6bn of assets.

CBFFT and the COIF Board have appointed HSBC Bank plc (AA-/Stable/F1+) in 2014 as depositary and administrator of both funds.

Fund Profiles

Both CBF and COIF aim to pay competitive rates of interest to reflect short-dated money market rates. The assets of the funds are invested in eligible securities of counterparties who are regularly reviewed and annually approved by COIF Board members and CBFFT respectively.

CBF and COIF respectively had GBP607m and GBP895m of assets under management as of end-August 2016.


The ratings may be sensitive to material changes in the funds’ credit quality or market risk profile. A material adverse deviation from Fitch’s guidelines for any key rating driver could cause Fitch to downgrade the ratings. For example, if credit deterioration occurs such that the WARF increases beyond criteria levels for a ‘AAAf’ Fund Credit Quality Rating, the ratings may be downgraded. Fitch’s WARF stress testing shows that the ratings are robust at the current rating level.

Potential downgrades to the Fund Market Risk Sensitivity Ratings are limited in scope, given the funds’ low sensitivity to interest rate and spread risks, and the funds’ investment guidelines.


7 September 2015

CCLA strengthens its ethical and responsible investment team

CCLA, the specialist fund manager for charities and local authorities, has announced changes to strengthen its industry-leading ethical and responsible investment team. 
Helen Wildsmith has taken-up the role of stewardship director for climate change and continues to lead CCLA’s climate change stewardship work on a part-time basis. She will split her time between CCLA and a new role as strategic advisor to the investor initiatives team at CDP, the not-for-profit that runs the global disclosure system showing investors how companies manage their environmental impacts. 

For CCLA, Helen will continue to focus on furthering the ‘Aiming for A’ initiative that filed successful shareholder resolutions at the 2015 BP and Royal Dutch Shell AGMs, undertake client-driven engagement relating to the low carbon transition, and participate in the Institutional Investors Group on Climate Change’s policy working group. This move recognises that climate change is both a key long-term risk for investors and a priority area for many of CCLA’s not for profit clients.

James Corah has been promoted to head of ethical and responsible investment and will take on responsibility for maintaining CCLA’s position as a leader in stewardship and ethical investment.

CCLA also plans to increase the Ethical and Responsible Investment team’s headcount in the near future.

Michael Quicke, chief executive of CCLA said: “These changes will deepen and broaden our ethical and responsible investment activities. This is important to our clients and as part of our ability to deliver strong long-term sustainable returns.”

CCLA’s overarching approach to responsible investment received an A+ rating in the 2015 United Nations Principles of Responsible Investment survey. Its stewardship work focuses on assisting investee companies to develop policies to manage their environmental, social and governance risks by voting at AGMs of investee companies, intensive engagement with particular companies where required and encouraging gradual improvements across the markets in which it invests.

CCLA’s approach to stewardship reflects its clients’ priorities and includes issues relating to climate change, public health, the living wage and international norms in the areas of human rights and labour standards. 



Notes to editors

About ‘Aiming for A’

‘Aiming for A’ was launched by CCLA in 2012. The Church Investor Group members currently involved are: the three Church of England National Investing Bodies (the Church Commissioners, the Church of England Pensions Board and the CBF Church of England Funds) and the Central Finance Board of the Methodist Church. The other five partners in this £230bn UK initiative are the Local Authority Pension Fund Forum, Rathbone Greenbank Investments, Sarasin & Partners, Hermes Investment Management, and the Pensions Trust. The last three joined the initiative after supporting the ‘Aiming for A’ BP and Shell shareholder resolutions, which achieved >98% of the vote at the companies’ 2015 AGMs.
The 'A' within 'Aiming for A' refers to the best A-E CDP performance band. Within the scoring methodology considerable weight is given to operational emissions management, alongside the strategic and governance issues covered in the BP and Shell shareholder resolutions.


Terms and conditions

Website terms of use policy

CCLA Website Terms of Use

Welcome to CCLA's website for:

  • fund management services for the CCLA Funds; and
  • discretionary investment management services for individual client portfolios.

This page provides you with information about CCLA and the legal terms and conditions (Terms of Use or Terms) on which you can access and use this website.

By using or accessing any part of this website, you confirm that you accept these Terms of Use and that you agree to comply with them.  Please read these Terms of Use carefully and make sure that you understand them before using this website. If you do not wish to be bound by these Terms you must not use or access this website.

Where necessary, we may amend these Terms of Use from time to time by updating this page.  We therefore recommend that you check this page periodically to ensure that you understand the Terms which will apply from time to time.

1. About us (CCLA)

1.1 Any reference to CCLA or we/us on this website (including these Terms of Use) means CCLA Investment Management Limited and/or CCLA Fund Managers Limited (as applicable).

1.2 CCLA Investment Management Limited (CCLA IM) is a company registered in England and Wales with company number 2183088. It is authorised and regulated by the Financial Conduct Authority under the Financial Services and Markets Act 2000 (FSMA), and is entered on the Financial Services Register under registration number 119281.

1.3 CCLA Fund Managers Limited (CCLA FM) is a company registered in England and Wales with company number 8735639.It is authorised and regulated by the Financial Conduct Authority under FSMA and is entered on the Financial Services Register under registration number 611707.

1.4 CCLA FM is a wholly owned subsidiary of CCLA IM. The registered office of CCLA IM and CCLA FM is Senator House, 85 Queen Victoria Street, London, EC4V 4ET.You may also contact CCLA by emailing

1.5 These Terms apply to the websites for the CCLA Funds. The CCLA Funds are the CBF Funds, the COIF Funds and the Local Authority Funds.

2. The CBF Funds

2.1 The CBF Funds are:

  • CBF Church of England Deposit Fund.

  • CBF Church of England Fixed Interest Securities Fund;

  • CBF Church of England Global Equity Income Fund;

  • CBF Church of England Investment Fund;

  • CBF Church of England Property Fund and;

  • CBF Church of England UK Equity Fund;

2.2 The CBF Funds are established under the Church Funds Investment Measure 1958 and the Trustee Act 2000.The CBF Funds are neither a collective investment scheme (CIS) nor an unregulated CIS for the purposes of FSMA.

2.3 The trustee and operator of the CBF Funds is CBF Funds Trustee Limited (CBFFT), a company limited by guarantee registered in England and Wales with company number 5957490.CBFFT is a charity registered with the Charity Commission of England and Wales under charity number 1116932.

2.4 CBFFT has delegated the investment management, administration, registrar and secretarial functions of the CBF Funds to CCLA IM.

2.5 CBFFT has appointed HSBC Bank plc to oversees its activities in relation to the management and administration of the CBF Funds and to act as custodian in respect of the CBF Funds. HSBC Bank plc is a company incorporated in England and Wales with company number 14259.

The COIF Funds

3.1 The COIF Funds are:

  • COIF Charities Deposit Fund.

  • COIF Charities Ethical Investment Fund;

  • COIF Charities Fixed Interest Fund;

  • COIF Charities Global Equity Income Fund;

  • COIF Charities Investment Fund and;

  • COIF Charities Property Fund;

3.2 The COIF Funds are established under the Charities Act 1993 (now Charities Act 2011).Each COIF Fund is an unregulated CIS for the purposes of FSMA and an alternative investment fund (AIF) for the purposes of the Alternative Investment Fund Managers Directive (Directive 2011/61/EU) (AIFMD).The COIF Funds are also charities registered with the Charity Commission of England and Wales.

3.3 The Manager of the COIF Funds is CCLA FM.CCLA FM has delegated the investment management of the COIF Funds to the Investment Manager, CCLA IM.

3.4 The corporate trustee of the COIF Funds is HSBC Bank plc (company number 14259), which also acts as custodian. HSBC Bank plc is the depositary for the purposes of AIFMD.

4. The Local Authority Funds

4.1 The Local Authority Funds are:

  • The Diversified Income Fund (DIF).

  • The Local Authorities' Property Fund (LAPF and);

  • The Public Sector Deposit Fund (PSDF);

4.2 DIF is a sub-fund of the CCLA Authorised Contractual Scheme, an umbrella non-UCITS retail scheme and authorised contractual scheme (ACS) entered on the Financial Services Register under product reference number 757825. The ACS Manager is CCLA FM which has delegated the investment management function to CCLA IM. The depositary and custodian is HSBC Bank plc (company number 14259).

4.3 LAPF is established under the Trustee Investments Act 1961, and is an unregulated CIS and an AIF for the purposes of AIFMD. The Manager of the LAPF is CCLA FM, which has delegated the investment management function to CCLA IM. The trustee of LAPF is The Local Authorities' Mutual Investment Trust (company number 700132). Investment in the Fund is for Eligible Local Authorities who are Professional Investors only.

4.4 PSDF is a sub-fund of the CCLA Public Sector Investment Fund (PSIF), an umbrella UCITS fund incorporated under the Open-Ended Investment Company Regulations 2001 (SI 2001/1228) in England and Wales and registered with company number IC000839. PSIF is entered on the Financial Services Register under product reference number 527266.PSIF is an umbrella type investment company and a qualifying money market fund (QMMF) (see Term 7.3 below).The authorised corporate director of PSIF is CCLA IM and the depositary is HSBC Bank plc (company number 14259).

5. Who may use this website

5.1 The information on this website is intended for investors and prospective investors in the CCLA Funds and or clients or prospective clients of CCLA's services. Only certain types of investor are eligible to invest in the Funds (in summary these are charities and local authorities and certain of the CCLA Funds are restricted to particular types of these investors).

  • Charities for these purposes are charities or charitable organisations registered with the Charity Commission of England and Wales, or charities exempt from registration, or other persons eligible to participate in collective investment schemes constituted under the Church Funds Investment Measure 1958, section 24 of the Charities Act 1993 (now amended to section 96 of the Charities Act 2011), or section 25 of the Charities Act 1993 (now amended to 100 of the Charities Act 2011), or equivalent organisations in Scotland or Northern Ireland.

  • Local authorities for these purposes are local authorities as defined in section 23 of the Local Government Act 2003.

5.2 Please ensure that you understand whether or not you are an eligible investor in respect of the Funds, investments and investment services referred to on this website.

6. The purpose of this website

6.1 This website is for information purposes only and is intended as a general introduction to CCLA and the Funds it manages and/or provides investment management services to. The website content and any products and/or services described within it are subject to change without notice.

6.2 Nothing contained on this website constitutes the provision of investment, tax, legal or other advice. This website should not be regarded as constituting a distribution or an offer or solicitation to sell shares or units in any of the funds managed by CCLA outside the UK. Any opinions expressed on individual funds, services or products represent our views at the time of preparation and should not be interpreted as a personal recommendation to buy or sell any of the investments that may be referred to.

6.3 In using this website you may navigate between different pages which relate to different Funds. Each webpage will clearly identify the Fund to which it relates and bespoke information presented on each webpage will relate to the identified Fund.

7. Risk warning

7.1 The value of the Funds’ units and/or shares and the income from them can fall as well as rise and an investor may not get back the amount originally invested. Past performance is no guarantee of future returns.

7.2 Please refer to the Funds’ individual scheme particulars or prospectus for an overview of the investment risks identified by CCLA and the applicable terms and conditions for investing in the Funds, including rules concerning when sums invested may be realised by the investor. Any estimates of future capital or income returns or details of past performance on this website are for information purposes and are not to be relied on as a guide to future performance.

7.3 In particular, investors and potential investors should be aware that PSDF is a QMMF.PSDF only invests with high quality issuers at a high level of diversification while maintaining a low weight average maturity. These factors mean that PSDF maintains a low level of overall risk. However, a purchase of shares in the PSDF is not the same as making a deposit with a bank or other deposit taking body. The value of the share is not insured or guaranteed and there can be no assurance that a stable net asset value per share is guaranteed. Please refer to the PSIF prospectus for full risk warnings.

7.4 Persons who do not have professional experience in matters relating to investments are strongly encouraged to consult with a financial adviser before making any investment decision.

8. Complaints and compensation

8.1 We are covered by the Financial Ombudsman Service (FOS) which is an independent service for settling disputes between financial services firms and their clients. The FOS is available to consider complaints from most clients if they cannot be settled through our own complaints procedures. There are certain rules as to eligibility and timing requirements laid down by the FOS which must be complied with.

8.2 PSDF and DIF are authorised funds as set out at Term 4 above. Investments and deposits in PSDF and DIF are therefore covered by the Financial Services Compensation Scheme (FSCS).There are limits on who can claim and the amount of compensation available. Further information about FSCS is available at

8.3 The COIF Funds, the CBF Funds and LAPF are not authorised funds and therefore investments and deposits in these Funds are not covered by FSCS. However, unitholders and/or shareholders may be eligible for compensation under the FSCS if CCLA cannot meet its obligations. There are limits on who can claim and the amount of compensation available. Further information about FSCS is available at

9. CCLA's liability

9.1 We give no warranty or representation and accept no liability for the accuracy, completeness or appropriateness of the information and material available on this website. Your use of any information or materials is entirely at your own risk and we accept no liability for any damage or loss including loss of profit whether direct, indirect or consequential in respect of the use of this website or its content; however, we do not exclude or restrict any liability that we may have under FSMA.

9.2 Due to the nature of the Internet, errors, interruptions and delays may occur at any time. Accordingly, this website is provided on an "AS IS" and "AS AVAILABLE" basis without any warranties of any kind. We shall have no liability, contingent or otherwise, or any responsibility whatsoever, for any interruption in availability of this website regardless of whether the connection or communication service is provided by CCLA or a third party service provider.

9.3 Transmission of information via the Internet is not completely secure and we cannot guarantee the security of your data transmitted to this website. Any transmission is at your own risk. We will use strict procedures and security features to try to prevent unauthorised access and we will do our best to protect your information (including personal data). However, we accept no liability in the unlikely event of a breach of our secure computer servers.

9.4 We will use reasonable endeavours to ensure that this website does not contain or promulgate any viruses or other malicious code. However, it is recommended that you should virus check all materials downloaded from this website. We will not be liable for any viruses, code, files or programs designed to interrupt, restrict, destroy or otherwise compromise the integrity of the website or any hardware on which it is hosted. We exclude to the fullest extent permitted by applicable laws all liability in connection with any damage or loss caused by computer viruses or other malicious code originating or contracted from this website.

10. Third party websites

10.1 This website may provide links to certain websites sponsored and maintained by third parties. CCLA is not responsible for the accuracy of information contained within websites provided by third parties and makes no representations concerning the content of such third party websites. The fact that CCLA may provide a link to another website does not constitute an endorsement, authorisation, sponsorship, or affiliation by CCLA with respect to that website, its owners, or its providers. You will be responsible for complying with the terms and conditions of use for any linked website.

11. Copyright and trade marks

11.1 CCLA is the owner or the licensee of all intellectual property rights in this website, and in the material published on it. Those works are protected by copyright laws and treaties around the world. All such rights are reserved.

11.2 You must not use any part of the materials on this website for commercial purposes without obtaining a licence to do so from us or our licensors.

11.3 No use of CCLA's name, logos and/or other trademarks (whether registered or unregistered) may be made by you without separate express written agreement being given by us, which shall be at our sole discretion.

12. Data protection

12.1 We will hold any personal information that you may provide to us through our CCLA website in confidence and in accordance with CCLA’s Privacy Notice and current Data Protection Legislation. CCLA is the data controller of any such information for these purposes.

12.2 You agree that the CCLA may process your personal data to: (i) confirm your identity and carry out background checks (which may involve sharing your personal data with third parties such as credit reference agencies); (ii) provide our services to you; (iii) follow up with you after you request information; (iv) comply with any requirement of any applicable statute, regulation, Financial Conduct Authority Rule and good practice and to fulfil our obligations under any reporting agreement entered into with any tax authority or revenue service(s); (v) prevent and detect abuse of our services or any of our rights and to protect our (and others’) property and rights; (vi) contact you by post, e-mail or telephone to bring to your attention additional products or services which may be of interest to you (you may inform CCLA at any time if you do not want to receive such communications); and (vii) as otherwise agreed by you. Failure to provide the personal data requested (or to agree to the above or below uses) may mean that CCLA is unable to provide the services requested.

12.3 CCLA may pass your personal data to any other firm within CCLA but will not pass on any personal data to any other third party except: (i) where, in relation to the performance of its services to you, CCLA sub-contracts part of the services or any support services; (ii) as agreed by you; or (iii) where required to do so for regulatory purposes as set out above.

12.4 CCLA may in exceptional circumstances transmit and process your personal data outside of the UK and EEA in countries that do not provide the same level of data protection as the UK. In such unusual circumstances, you agree that it may do so subject to CCLA endeavouring to ensure that the arrangements comply with the standards required by the UK Information Commissioner.

12.5 Your use of this website (and your interest in particular webpages or particular CCLA products or services) may be monitored by CCLA. CCLA may keep records of all business transactions for at least five years.

12.6 By accepting these Terms of Use, you agree to the processing and disclosure of personal information as above. You are entitled to request details of information we may hold about you and to require us to correct any inaccuracies in your personal data. CCLA will treat all clients' records as confidential and so reserve the right to provide copies of your particular record, rather than allow access to files which may contain information about other clients. If you wish to access copies of your personal data or ask about the above arrangements, please contact CCLA's Data Protection Adviser at CCLA Investment Management Limited, Senator House, 85 Queen Victoria Street, London, EC4V 4ET.

12.7 Full details of CCLA’s Privacy Notice is available on CCLA’s website. Full details of CCLA’s Data Protection Policy, are available on request.

13. Cookies

13.1 This website uses cookies to distinguish you from other users of the website. This helps us to provide you with a good experience when you browse the website and also allows us to improve the website.

13.2 When you confirm you have read this page we will place a cookie on your computer to recognise you and prevent this page reappearing should you access this website on future occasions. The cookie will expire after six months, or sooner should there be a change to this important information.

13.3 You can activate the setting on your Internet browser to refuse the setting of all or some cookies. However, if you use your Internet browser settings to block all cookies (including essential cookies) you may not be able to access all or parts of the website. To help us provide a more personalised viewing experience we recommend that you view this website with a JavaScript enabled browser.

13.4 For more information about cookies, including how to set your Internet browser to reject cookies, please visit

14. General

14.1 Each of the paragraphs of these Terms of Use operates separately. If any court or relevant authority decides that any of them are unlawful or unenforceable, the remaining paragraphs will remain in full force and effect.

14.2 If we fail to insist that you perform any of your obligations under these Terms of Use, or if we do not enforce our rights against you, or if we delay in doing so, that will not mean that we have waived our rights against you and will not mean that you do not have to comply with those obligations.

14.3 These Terms of Use are governed by English law and are available only in English. You and we both agree that the courts of England and Wales will have non-exclusive jurisdiction over any dispute or claim (including non-contractual disputes or claims) arising out of or in connection with these Terms of Use.

[MAY 2018]


Public sector funds

Public sector funds

I confirm that I have read and accepted the terms of this website and that I am a local authority/public sector client as defined in section 23 of the Local Government Act 2003.