SIFMA AMG provided comments on Financial Conduct Authority (FCA) consultation paper on transaction cost disclosure in workplace pensions. SIFMA AMG understands the FCA’s goal to establish standardized disclosures of pension investment transaction costs and make them available to independent governance committees and trustees of plans. Further, SIFMA AMG agrees with the underlying objectives of the Proposed Rule, namely to deliver a high degree of consistency in how transaction costs are reported, and to provide governance bodies confidence that the information presented to them contains a comprehensive assessment of the costs that are incurred on their behalf by asset managers.