The FCA published, on 4 February 2015, its new rules for Independent Governance Commitees (IGCs), which are due to come into effect on 6 April 2015. From that date, it will be a requirement for the providers of workplace personal pension and stakeholder schemes (including those used for the purposes of auto-enrolment) to have an IGC in place. The role of the IGC is to "operate independently of the provider" and "assess and, where necessary, challenge providers on the value for money of workplace pension schemes".
The Rules set out requirements for the operation and composition of IGCs and the obligations of providers in respect of their IGCs. The FCA intends to conduct a review of the effectiveness of IGCs in 2017. The FCA's announcement and the new rules can be viewed here.