Invitation to attend – CMA’s Investment Consultants Market Investigation: A trustee roundtable event

The Competition and Markets Authority (CMA) has organised a roundtable event for pension trustees in Central London on Wednesday, October 3rd 2018 from 2 pm, to discuss the design and implementation of CMA’s  proposed remedies package.

Book your place by emailing by Friday, September 7  stating which pension schemes you represent.


As you may already know, the investigation is focused on investment consultancy (IC) and fiduciary management (FM) services provided to pension scheme trustee boards. In the Provisional Decision Report (PDR), CMA provisionally found Adverse Effects on Competition (AECs) in both IC and FM markets. To remedy the effects of the AECs, CMA proposes to make the following changes to address the problems identified:

  • the introduction of mandatory tendering for the first move to fiduciary management: there must be a competitive tender when pension schemes first purchase fiduciary management services. For those who already have it, but did not tender, they must also do so within seven years.
  • mandatory warnings when selling fiduciary management: firms must be clear when they are marketing fiduciary management services to their existing advisory customers that this is not part of their role as trusted investment adviser.
  • help for pension schemes: CMA recommends that The Pensions Regulator provides new and improved guidance for pension schemes in how to purchase these important services.
  • better information on fees and quality: including a requirement that fiduciary management firms break down the fees for their service and the introduction of industry standards for how investment performance is reported to customers.
  • setting clear objectives: trustees will be required to set their investment consultants strategic objectives and firms must report against these
  • bringing most of these services into the FCA’s regulatory perimeter so that they are on a footing with other parts of the investment industry.

Further information can found on the project website.

Click here to check out CMA's provisional findings from their investigation into investment consultancy.

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