The FIL Life Insurance Ltd Board is collectively responsible for the effective stewardship of Fidelity’s UK pension products. The Board has the overall responsibility for business decisions and for compliance with the regulatory systems. The main responsibilities of the Board includes:
- Setting the strategic direction of the business
- Ensuring FIL Life has an effective system of governance
- Monitoring the financial and operational performance of the Company
- Establishing the risk appetite of the business and ensuring that there is an appropriate risk management framework and control environment
- Providing oversight of the outsourced service providers, including FPM
In accordance with UK regulations and to ensure high quality governance standards are met, Fidelity has two independent governance committees that look after the interests of pension scheme members in the UK – the Independent Governance Committee (IGC) for contract based schemes and the Master Trust Board (MTB) for Master Trust schemes. The Committee and Board are focused on ensuring the delivery of good customer outcomes and value for money across the firm’s UK workplace DC pension schemes and Master Trust.