The Independent Governance Committee
Acting in the best interests of Fidelity SIPP account holders invested in Investment Pathways
What is the Independent Governance Committee?
Fidelity International has established an Independent Governance Committee (IGC) which operates independently of Fidelity. The IGC’s role is to represent the interests of Financial Administration Services Ltd (FASL) customers who invest in Investment Pathways. FASL is a Fidelity Group company and the IGC provides an effective governance structure to ensure that the Investment Pathways offer value for money. It has six members, the majority of whom are independent. They have extensive knowledge and experience of the pensions and finance industry.
Key objectives and duties
The IGC monitors the Investment Pathways which the Fidelity Self-Invested Personal Pension (SIPP) offers to non-advised customers. It is required to act independently of the FASL Board and, if necessary, will challenge Fidelity to do better. Its key duties are to:
- Assess the value for money offered by the Investment Pathways to Fidelity SIPP account holders taking into account costs, alignment to customers' objectives, level of investment risk, governance and oversight of assets, and clear communications to account holders.
Provide commentary on environmental, social and governance (ESG) factors relating to the Investment Pathways.
Raise any concerns it may have on the Investment Pathways with the FASL Board and make recommendations for addressing these concerns.
- Produce an annual report of its findings, which you can find below.
The IGC will not alert Investment Pathway account holders to any concerns it may have raised with the FASL Board, but it may make its concerns public if an issue is not satisfactorily addressed.
The annual IGC Chair’s report
The IGC Chair is responsible for producing an annual report setting out the IGC’s assessment of the Investment Pathways against its Value for Money Framework. You can read the report by clicking on the relevant link below.
Focus areas for the IGC
Over the next year the IGC will work with Fidelity to ensure that Investment Pathways offered to Fidelity SIPP account holders who enter drawdown:
- Monitor the performance of pathways against expectations
- Ensure investments remain aligned to the Investment Pathway objectives
- Evolve the retirement journey and make sure risks are clearly explained
- Monitor the service received and member satisfaction
Getting in touch with the IGC
The members of the IGC are always delighted to hear from SIPP Customers about their experience of Fidelity and Investment Pathways. They use feedback to inform their conversations and activities with Fidelity. You can contact the IGC:
By email: FidelityIGCchair@ptluk.com
By post: Fidelity IGC Chair, PTL, Park House, Park Square East, Leeds LS1 2PW