On 16 January 2024, the FCA announced that it has established a new working group focused on building capability in sustainable finance across the financial advice sector. The group is being convened to support industry in advising consumers on products making claims about sustainability, following the FCA’s publication of a package of sustainable finance measures in November 2023.

The FCA has appointed individuals to act as Chair and Vice-Chair of the group, and the Personal Investment Management & Financial Advice Association (PIMFA) will provide the Secretariat. The Chair will appoint the group’s membership from across the advice sector and this will include both small and larger industry participants. Stakeholders outside of the group will also be engaged, including consumers, to ensure a balanced representation of views.

Sacha Sadan, the FCA’s Director of Environmental, Social & Governance said that this important project would benefit from the group’s combined skills and expertise, and emphasised the working group’s focus on “practical ideas to support the advice sector in building its capabilities on sustainable finance”.

The FCA will sit as an active observer of the group and has asked that it be ready to report on how the advice sector can be supported in delivering good practice in the second half of 2024.