UK:
FCA Consults On The Establishment Of Independent Governance Committees By Providers Of Workplace Personal Pension Schemes
28 August 2014
Shearman & Sterling LLP
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On August 6, 2014, the FCA published a consultation paper on
proposed rules that would call for providers of workplace personal
pension schemes to establish and maintain independent governance
committees ("IGCs"). The key duties of the IGCs would be
to act in the interest of relevant policyholders, assess whether
the workplace personal pension schemes are high quality and offer
value for money, escalate concerns to the FCA and alert the
relevant scheme members and employers of any concerns, as well as
producing an annual report of any of its findings. The consultation
runs until October 10, 2014.
The consultation paper is available at: http://www.fca.org.uk/static/documents/consultation-papers/cp14-16.pdf.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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