National Employment Savings Trust (NEST) chief investment officer, Mark Fawcett, will chair the new panel charged with devising what the IA describes as the “next-generation disclosure framework for investment costs.”
He will be joined by other industry greats hailing from the pensions sector, as well as representatives from the Financial Services Consumer Panel, Transparency Task Force and Local Government Association.
The aim of the advisory board is to create a standardised Comprehensive Disclosure Code to promote transparency between asset managers and clients around costs of the investment engine of pension vehicles and other savings products.
The disclosure code is the next logical step toward greater transparency and accountability, complementing efforts that have already been made by other wealth managers, pension schemes, platforms and advisers, the IA said.
The scheme will also ensure asset managers are fully compliant with both UK and EU regulation.
Jonathan Lipkin, the IA’s director of public policy, said the advisory board was an important step in the right direction.
“Now more than ever, it is vital that savers and those who make investment decisions on their behalf have full confidence in the pensions and investment management industries,” he said. “All parts of the delivery chain need to be clear and transparent. The new IA Disclosure Code will achieve that objective for the investment 'engine'."
Fawcett echoed this sentiment, remarking: "It's vital that as an industry we're able to create a consistent disclosure framework if we're to make progress reaching this goal.
"I look forward to collaborating with a talented team to shape a comprehensive disclosure code," he added.