The UK’s Financial Conduct Authority (FCA) has appointed Daniel Godfrey as chair and Julia Dreblow as vice-chair of a new working group focused on building capability in sustainable finance across the financial advice sector.
The Personal Investment Management & Financial Advice Association (PIMFA) will “provide the secretariat.”
Following its publication in November last year of “a package of measures to support the UK’s position as a world-leading, competitive center for asset management and sustainable investment, the FCA is convening the group to support industry in advising consumers on products making claims about sustainability.”
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.”
The chair will appoint the group’s membership “from across the advice sector, including both small and larger industry participants.”
The working group will also engage “with stakeholders outside of the group throughout its work to ensure a balanced representation of views, including those of consumers.”
Sacha Sadan, Director of Environmental, Social & Governance, said:
“We are delighted that Daniel, Julia and PIMFA have agreed to lead the working group. This important project will benefit from their combined skills and expertise. We believe in the value of solutions being led and designed by industry and look forward to seeing the group focus on practical ideas to support the advice sector in building its capabilities on sustainable finance.”
Daniel Godfrey said:
“I’m deeply honored and excited to have been asked by the FCA to chair the Advisers’ Sustainability Group, alongside my vice-chair Julia Dreblow and with the support of PIMFA. We intend to move quickly to appoint a set of members to the group that represents all stakeholders. The project will additionally seek the widest possible range of views. It is vital that advisers are empowered to fully comprehend and integrate sustainability risks as material financial considerations. Collectively they can help to steer the whole investment industry towards an alignment of investment strategies with the long-term needs and values of clients.”
In November 2023, the FCA announced its intention “to establish a working group as part of its package of measures to improve the trust and transparency of sustainable investment products.”
The Sustainability Disclosure Requirements and investment “labels regime includes product labels and naming and marketing requirements as well as a consultation on an industry-wide anti-greenwashing rule.”
The Personal Investment Management & Financial Advice Association (PIMFA) is the trade association “for firms that provide wealth management, investment services and advice to everyone from individuals and families to charities, pension funds, trusts and companies.”