On August 6, 2014, the FCA published a consultation paper on proposed rules that would call for providers of workplace personal pension schemes to establish and maintain independent governance committees (“IGCs”). The key duties of the IGCs would be to act in the interest of relevant policyholders, assess whether the workplace personal pension schemes are high quality and offer value for money, escalate concerns to the FCA and alert the relevant scheme members and employers of any concerns, as well as producing an annual report of any of its findings. The consultation runs until October 10, 2014.

The consultation paper is available at:

http://www.fca.org.uk/static/documents/consultation-papers/cp14-16.pdf.