Member

There is strong support for this approach. Many in the sector agree that statutory guidance, rather than the legislative change proposed in the amendment, is the right route. In the Government’s view, altering primary legislation in the manner envisaged by the amendment would risk generating new uncertainties rather than resolving existing ones. For example, definitions of “system-level considerations” vary widely. They could encompass anything from global financial stability issues to geopolitical developments. Trustees could be placed in the position of having to demonstrate consideration of an ever-expanding list of risks, potentially leading to lengthy disclosures and confusion about what should be prioritised.