What is the IGC?
In line with FCA (Financial Conduct Authority) requirements, Hargreaves Lansdown established an Independent Governance Committee in April 2015. Their role is to protect the interests of members in the Hargreaves Lansdown Group Self Invested Personal Pension (SIPP), and ensure they receive value for money.
An open advertisement was placed for the role of chairman and for members of the IGC. The independent chairman was chosen and subsequently helped to select the IGC members.
Applications from both external and internal candidates were considered, and the result is a diverse committee possessing a range of skills and experience.
Who are the IGC members?
David is the Independent Chairman with over 35 years’ pension experience including 25 years’ governance experience as a professional trustee. He was a partner with one of the global employee benefit consultants. He keeps up to date through the Pensions Management Institute. The chair of a number of defined contribution pension trusts brings detailed knowledge of the current market. He has lobbied government on pension change and chairs the Board of industry wide master trusts. In addition to his independence he brings a wealth of experience to the IGC.
Currently Head of Pensions at Santander UK, Helen has 18 years’ experience working in a variety of roles in the pension industry, specifically including Workplace Pensions. This includes supporting employers when making important decisions for their members and directly advising scheme members pre and post retirement. Helen is passionate about good member outcomes and financial education, having played an active role in improving financial understanding in schools and in the workplace. Helen is a Chartered Financial Adviser and Fellow of the Personal Finance Society.
Bob has 15 years’ experience as a Pension Trustee of Defined Benefit and Defined Contribution Schemes in the UK and overseas. He is currently Chair of Trustees of Thomas Miller & Co’s occupational DC scheme and Chair of the Investment Committee of the Company’s DB Scheme. He is also a Director of the Occupational Pensions Defence Union (OPDU), which provides Trustee Liability Insurance to Pension Trustees. Bob has 22 years’ experience of operational management in the insurance industry and his current responsibilities include Chairman of BLP Insurance.
Rob joined Hargreaves Lansdown in March 2014 as Head of Compliance and became Risk and Compliance Director in January 2015. Previously Rob has worked in the industry as a Director with responsibility for Compliance, Risk & Internal Audit and has also worked for Deloitte as a Regulatory Consultant, specialising in retail financial services regulation.
Nick joined Hargreaves Lansdown in 2001. He is the head of the relationship management team and personally looks after key clients including technology firms and investment banks. He has dealt with the implementation of hundreds of schemes and uses his experience and detailed knowledge of the workings of Hargreaves Lansdown to ensure the smooth implementation of new pension schemes. Nick holds the regulated Diploma in Financial Planning.
What does the IGC do?
The main role of the IGC is to assess value for money for members in the Hargreaves Lansdown Group SIPP. They also:
- Represent members’ interests
- Publish an annual report which details their findings (see below)
- Identify areas of improvement and make recommendations to the Hargreaves Lansdown board
- Escalate any concerns to the FCA
Each committee member has an expert understanding of the pension provider business.
The Terms of Reference for the IGC are set out below.
The main purpose of the terms is to consider the appropriateness and value of default offerings where members may not have chosen the investment. This is as a result of employers selecting a provider for pension contributions, in particular auto enrolment. The initial focus is on the accumulation of pension funds before retirement.
Download IGC Annual Report 2016
Download Terms of Reference