The UK’s Pensions Regulator (TPR) has told trustees that they must “take responsibility” for ensuring the quality of advice they receive from external experts to help them meet new climate risk reporting requirements.
“Trustees must take responsibility for ensuring their advisers have the appropriate skills and expertise and the advice they offer is relevant, helpful and represents value for money. After all, ultimately it's trustees who are responsible for any decisions,” the TPR said in its finalised guidance on TCFD reporting.
The comments come as the Financial Conduct Authority (FCA) finalised rules on disclosures for publicly listed companies, who will now have to include a statement in their annual financial reports on whether their disclosures meet TCFD standards on a comply or explain basis. As previously reported, TCFD reporting for FCA-regulated asset managers and owners will come into force from the 1st of January.