Pension bodies and climate groups are urging the government to go ahead with delayed plans to bring investment consultants under the regulation of the Financial Conduct Authority (FCA). In a letter to HM Treasury, published at the end of August and signed by seven other organisations, including Pensions for Purpose and the Association of Member Nominated Trustees, the climate investment charity ShareAction pointed out that pension schemes often rely uncritically on the advice given by investment consultants, even though these services are unregulated.
Increasingly, there have been calls for the sector to be overseen by the FCA, especially following the previous government's mini-budget in 2022. ShareAction's letter said: "pension schemes tend to have relatively small in-house teams and frequently rely heavily on advisers, particularly investment consultants. Most pension schemes have limited resources to assess the quality of the advice received and rarely switch between investment consultants."
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