Discover the Power of Good Governance

Click to Like 0

Discover the Power of Good Governance with Cartlidge Morland

At Cartlidge Morland, we are firm believers that strong governance forms the foundation of well-managed employee benefit programmes. Our guiding principle of “Nurture, Protect & Engage” underscores our commitment to excellence. But why does good governance matter, and how does it benefit you as an employer?

Consider this: Why do you schedule regular health check-ups? It’s to ensure everything is functioning optimally and to receive guidance on maintaining your well-being. Similarly, a governance review for your employee benefit schemes acts as a ‘health check’ to keep them thriving, competitive, and aligned with industry standards in the ever-evolving landscape of employee benefits.

While good governance has long been recognised as a best practice, the recent implementation of the Financial Conduct Authority’s Consumer Duty outcomes starting from July 2023 has placed a spotlight on the importance of robust governance practices.

We believe that a governance meeting should include, but not be limited to, the following:

• An update from you on your business and any anticipated business changes
• Management controls and accountability (i.e. who does what)
• Scheme pricing and competitiveness
• Adherence to the legislation and consideration of future legislative changes
• Member engagement
• Fund performance (where applicable).

In relation to pensions, the Pensions Regulator (TPR) has issued over 318,000 penalty notices to employers from the inception of the automatic enrolment legislation in 2012 up to the end of December 2023, according to their half yearly compliance and enforcement bulletin (July to December 2023). Good governance would identify issues of non-compliance, facilitate the remediation, and put safeguards in place to ensure future compliance and best practice.

So why not elevate your employee benefits experience with Cartlidge Morland and safeguard the health and competitiveness of your benefit schemes. Contact us today on 0207 709 5560 and ask to speak to one of our Employee Benefits advisers to explore how our expertise in governance can benefit your organisation’s bottom line and employee satisfaction.