Regulatory Alerts2019-12-17
Added · Updated
Independent Governance Committees: extension of remit
The Financial Conduct Authority extends the remit of Independent Governance Committees (IGCs) and Governance Advisory Arrangements (GAAs) to include oversight of firms' policies on environmental, social, and governance (ESG) issues, member concerns, and stewardship, as well as the value for money of investment pathway solutions for pension drawdown. These new duties require IGCs to assess the adequacy and quality of relevant policies and to evaluate proposed pathway designs before they are offered to consumers. The final rules and guidance come into force on 6 April 2020, with the first reports covering these extended duties due in the annual report for the period including or after that date.
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