The Financial Conduct Authority (FCA) has recently named Daniel Godfrey as the chair and Julia Dreblow as the vice-chair of a newly established working group dedicated to enhancing expertise in sustainable finance within the financial advice sector. The Personal Investment Management & Financial Advice Association (PIMFA) will play a key role in supporting the group by providing secretarial services.

In an effort to bolster the UK’s status as a global hub for asset management and sustainable investment, the FCA unveiled a comprehensive set of measures last November. As part of this initiative, the working group has been convened to assist the industry in guiding consumers on products that make sustainability claims.

The FCA will actively observe the group’s proceedings and has set a target to present a report on supporting the advice sector in implementing best practices by the second half of 2024.

The group’s chair, Daniel Godfrey, will handpick members from various segments of the advice sector, ensuring representation from both smaller and larger industry players. Stakeholder engagement will also be a key focus, with efforts to include external perspectives throughout the group’s work, ensuring a well-rounded representation of views, including those of consumers.

Back in November 2023, the FCA had outlined its intention to establish this working group as part of a broader strategy to enhance trust and transparency in sustainable investment products. The Sustainability Disclosure Requirements and investment labels regime introduced product labels, naming and marketing requirements, along with a consultation on a comprehensive industry-wide anti-greenwashing rule.

Daniel Godfrey, the appointed chair, currently serves on Legal and General’s Independent Governance Committee and holds a Senior Adviser role with Moneybox and ShareAction. He is also a member of the FRC’s Independent Advisory Panel and a Visiting Fellow of the Global Systems Institute at Exeter University. Notably, he served as the chief executive of the Investment Association from 2012 to 2015.

Julia Dreblow, the designated vice-chair, is the founding director of SRI Services and the Fund EcoMarket. With over 25 years of specialization in retail sustainable investment, her recent contributions include serving as the technical author for the new BSI sustainable fund standard PAS 7342 and PIMFA’s ESG Academy.

The Personal Investment Management & Financial Advice Association (PIMFA), a trade association, represents firms offering wealth management, investment services, and advice to a diverse clientele, ranging from individuals and families to charities, pension funds, trusts, and companies.