The Financial Conduct Authority (FCA) has established a new working group focused on building capability in sustainable finance across the financial advice industry.

The UK financial watchdog said that following the publication last year of a package of measures to support the UK’s position as a "world-leading, competitive centre for asset management and sustainable investment", it is convening the group to support industry in advising consumers on products making claims about sustainability.

The FCA has appointed Daniel Godfrey as chair and Julia Dreblow as vice-chair of the group. The Personal Investment Management & Financial Advice Association (PIMFA) will provide the secretariat.

The regulator will sit as an active observer of the group and has asked that it be ready to report on how the advice sector can be supported in delivering good practice in the second half of 2024.

'We are delighted that Daniel, Julia and PIMFA have agreed to lead the working group,” said Sacha Sadan, director of environmental, social & governance, FCA. “This important project will benefit from their combined skills and expertise.

“We believe in the value of solutions being led and designed by industry and look forward to seeing the group focus on practical ideas to support the advice sector in building its capabilities on sustainable finance.”

The chair will appoint the group’s membership from across the advice sector, including both small and larger industry participants. The working group will also engage with stakeholders outside of the group in a bid to ensure a balanced representation of views, including those of consumers.

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