On 15 April 2019, the FCA published Consultation Paper 19/15: Independent Governance Committees: extension of remit (CP19/15).

Independent Governance Committees (IGCs) provide independent oversight of the value for money of workplace personal pensions provided by firms such as some self-invested personal pension operators.

In CP19/15 the FCA is proposing a new IGC duty to oversee:

• firms’ environmental, social and governance (ESG) policies. The FCA is also proposing related guidance setting out how providers of pension products should consider factors such as ESG risks and opportunities that can have an impact on financial returns, and to non-financial consumer concerns, when making investment decisions on behalf of consumers; and
• the value for money of investment pathways.
• The deadline for comments on CP19/15 is 15 July 2019.