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March 3, 2024
PI Global Investments

FCA launches industry-led sustainability working group for financial advisers

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“It is vital that advisers are empowered to fully comprehend and integrate sustainability risks as material financial considerations.”
– Daniel Godfrey, chair of the Advisers’ Sustainability Group

The FCA has launched a new working group focused on building capability in sustainable finance across the financial advice sector.

The regualator says it is convening the group to support the 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 Personal Investment Management & Financial Advice Association (PIMFA) will provide the secretariat and the FCA has appointed Daniel Godfrey as chair and Julia Dreblow as vice-chair.

Daniel Godfrey serves on Legal and General’s Independent Governance Committee and is a senior adviser to Moneybox and ShareAction. He is a member of the FRC’s Independent Advisory Panel and was chief executive of the Investment Association between 2012 and 2015.

Julia Dreblow is the founding director of SRI Services and the Fund EcoMarket. She has specialised in retail sustainable investment for over 25 years, including recent work as the technical author of the new BSI sustainable fund standard PAS 7342 and of PIMFA’s ESG Academy.

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 and governance at the FCA, 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 commented: “I’m deeply honoured 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.”

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