Policymakers should consider providing a financial incentive for sustainable funds as existing capital is “too limited in size and scope” to have a major impact on climate change, the International Monetary Fund has warned.

ESG spotlight: A roundup of the latest news on environmental, social and governance initiatives, with the Transport for London Pension Fund committing to net-zero carbon emissions by 2045, Avon Pension Fund shifting £780m into a Paris-aligned benchmark, and Phoenix Group setting a carbon emission-reduction target of 50 per cent by 2030.

Mass-scale consolidation is set to be implemented in 2025-26, the Small Pots Cross-Industry Co-ordination Group has said, but industry experts have voiced concerns over the enormity of the task.

MPs have urged the government to seize upon the opportunities COP26 presents to the pensions industry and have called for more consensus on tackling climate change.

On the go: Pensions professionals have said the burden of the increased level of scheme governance is not worth the value it brings, a survey from XPS Pensions Group has found.

This week: TPR’s criminal powers policy unveiled, Bank of England backs guidance on illiquidity management, PPF levy set to fall, and Uber rolls out its pension scheme

The Pensions Regulator has published its policy on how it intends to use upcoming criminal powers to prosecute those who fall foul of new legislation, following widespread industry concern into the scope and extent of the powers.

On the go: The Financial Conduct Authority has announced that some key Libor panels will publish ‘synthetic’ rates to safeguard an “orderly wind-down” of the benchmark interest rates.

On the go: The Pension Protection Fund has announced that it expects to collect £415m from its levy payers in 2022-23, a reduction of £105m from the previous year.

On the go: Asset managers are not living up to their environmental, social and governance commitments, research from Redington has found, with shortcomings in stewardship and engagement prominent.