FCA consults on TCFD rules for contract-based schemes

Reporting rules are expected to match those already faced by trustees and provide further help

Contract-based pension schemes will be required to report on climate risk in their investment portfolios, mirroring their trust-based counterparts.

The Financial Conduct Authority (FCA) has today launched a consultation on extending the climate reporting rules to insurance-based defined contribution (DC) schemes, including both workplace and non-workplace propositions. The Task Force on Climate-related Financial Disclosures (TCFD) rules will also begin to apply to non-insurance DC schemes as well as self-invested personal pension schemes (SIPPs) where the operator offers investments to be held within the SIPP wrapper. The FCA said it would ensure that consumers will "receive broadly consistent climate-related financial informatio...