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We have now responded to a consultation issued by the Financial Conduct Authority (FCA) into the governance of contract-based pension schemes.
Following the government’s call for evidence and command paper over the last twelve months, the FCA has set out more detail about how new independent governance committees (IGCs) would work in practice. IGCs are effectively an attempt to recreate the layer of governance provided by a trust board in trust-based pension schemes.
We believe that strong and independent pension scheme governance is good for members, so we support these proposals. These proposals will also benefit employers who want a good pension scheme for their workers, but do not have the time or resources to provide the governance themselves.
These proposals must set high standards while also providing flexibility so that governance arrangements can be fitted to each scheme’s membership. For example, the rules set out that IGCs must have at least five members, but we think the quality of the governance is more important than the quantity.
Read our response to the consultation: Standards for independent governance committees