As a result of action by this Government, the UK is the first major economy to put TCFD into statute for pension schemes - leading the way on this issue, having already legislated for net zero by 2050 and introduced ESG legislation through 2018 amendments to the Occupational Pension Schemes (Investment) Regulations.
As part of the Green Finance Strategy, the Government has established a working group of Government Departments and regulators that meets monthly to take forward implementation of the recommendations of the Task Force on TCFD. This board is important in fostering co-ordination and consultation given the overlaps and interdependencies within the UK financial services sector.
For DWP, the Financial Conduct Authority is particularly relevant to DWP’s recent proposals on TCFD for occupational pension schemes, given the relationship between trustees and their asset managers.
On 2 October, we published a letter exchange with the FCA’s Interim Chief Executive Chris Woolard on this topic in which he committed to work closely with the Department when developing proposals.
This demonstrates the importance of ongoing bilateral engagement in supporting the co-ordination of any proposals for TCFD requirements.
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