Reaction to the FCA’s policy statement on the remit of IGCs
17 Dec 2019
Laura Andrikopoulos, Head of Governance at Hymans Robertson reacts to the FCA’s policy statement on the remit of IGCs:
“The FCA’s decision today to significantly widen the powers of IGC’s will be welcomed by many and is a strong step forward by the financial services regulator. High-quality governance oversight is crucial to the effectiveness of the UK pension system and extending the remit to pension providers’ approach to ESG recognises the increasing importance of this topic to pension members and society at large. IGC’s which are managed well and confident in their powers are also crucial for maintaining value for money in relation to investment strategies in the post-retirement phase. If these powers are used well and respected, they could increase the extent to which IGCs are a real force for good. However, it’s important today’s move is not simply perceived as another layer of bureaucracy and that committees avoid becoming paralysed by attempting to take each members view on a wide range of issues into account.”
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