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 include:
- 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.
Workplace Investing Investments Oversight Group (WIIOG)
The WIIOG meets quarterly to discuss and analyse current issues. The group also meets the investment managers twice yearly to review investment process, performance and performance drivers. This complements the regular monitoring carried out by the investment sub-committees, trustees and consultants. The overview of Fidelity’s latest quarterly investment governance meeting can be found here.
Asset Range Governance Committee (ARGC)
The ARGC has an enhanced governance function across Fidelity International with additional scope to support a wider range of investment factors. The committee meets monthly to ensure that:
- assets available to customers remain suitable and appropriate and do not expose customers to undue risks
- fund partners keep abreast of regulations and regulatory change
- oversight and governance remains robust and appropriate
- customers receive clear and accurate disclosures and information on the assets they hold on the UK platforms
- the stockbroking partners execute orders in a timely and accurate fashion while remaining compliant with regulators