17 January 2020
The FCA has published a policy statement confirming its decision to extend the remit of independent governance committees (IGCs) following a consultation period. The proposals are aimed at helping protect consumers from investments that may be unsuitable because of environmental, social and governance (ESG) risks including climate change and to make sure consumer concerns are taken into account.
While the primarily referencing IGCs, there are also updates to other aspects of the FCA Handbook – in particular to Senior Management Arrangements, Systems and Control (SYSC), meaning elements of the policy statement apply to personal pensions as well as contract based workplace pensions
The final rules come into force on 6 April 2020.