Julia Dreblow, founding director of SRI Services, has been appointed vice-chair.

The new working group has been tasked with helping to build, “capability in sustainable finance across the financial advice sector.“

The Personal Investment Management & Financial Advice Association (PIMFA), the wealth management trade body, will provide the secretariat for the group, including admin support.

The FCA says the appointments follow its publication in November last year of a package of measures to support the UK’s position as a, “world-leading, competitive centre for asset management and sustainable investment.”

The working group will support advisers in helping them give advice to clients on sustainable products and to review claims about sustainability.

One aim of the group will be providing help to cut through 'greenwashing' - false or exaggerated claims about the sustainable nature of some investments.

The FCA will sit as an 'active observer' of the group and says it wants to be ready to report on how the advice sector can be supported in delivering “good practice” on sustainable products in the second half of 2024.

The chair of the new group will appoint the group’s membership from across the advice sector, including small and larger industry participants. The working group will also engage with stakeholders outside of the group to ensure a balanced representation of views, including those of consumers.

Mr Godfrey said: “I’m deeply honoured and excited to have been asked by the FCA to chair the Advisers’ Sustainability Group, alongside my vice-chair Julia Dreblow and with the support of PIMFA.

“We intend to move quickly to appoint a set of members to the group that represents all stakeholders. The project will additionally seek the widest possible range of views.

“It is vital that advisers are empowered to fully comprehend and integrate sustainability risks as material financial considerations. Collectively they can help to steer the whole investment industry towards an alignment of investment strategies with the long-term needs and values of clients.”

Sacha Sadan, FCA director of environmental, social & governance, said: “We are delighted that Daniel, Julia and PIMFA have agreed to lead the working group. This important project will benefit from their combined skills and expertise.

“We believe in the value of solutions being led and designed by industry and look forward to seeing the group focus on practical ideas to support the advice sector in building its capabilities on sustainable finance.”

The FCA plans a package of measures to improve the “trust and transparency of sustainable investment products.”

The Sustainability Disclosure Requirements and investment labels regime includes product labels and naming and marketing requirements as well as a consultation on an industry-wide anti-greenwashing rule.

Mr Godfrey serves on Legal and General’s Independent Governance Committee and is a senior adviser to Moneybox and ShareAction. He is a member of the FRC’s Independent Advisory Panel and a visiting fellow of the Global Systems Institute at Exeter University. He was chief executive of the Investment Association between 2012 and 2015.

Julia Dreblow is the founding director of SRI Services and Fund EcoMarket. She has specialised in retail sustainable investment for over 25 years, including recent work as the technical author of the new BSI sustainable fund standard PAS 7342 and of PIMFA's ESG Academy.