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On 18 July 2018, the Competition & Markets Authority (CMA) published its provisional findings on competition within the investment consultancy and fiduciary management marketplace. The report highlights the CMA’s concerns over how pension schemes have been guided towards fiduciary management and questions whether the low levels of engagement around appointing a fiduciary manager can impact member outcomes.

The XPS Investment Team will explore what the July 2018 provisional decision might mean to the industry, how the participants can contribute to better results and what Trustees should be aware of when appointing a fiduciary manager.

Timings

08:30 Registration
09:00 Commences
10.30 Close with coffee

• The Competition and Market Authorities (‘CMA’) Review
- A refresher on the background including its roots in the FCA asset management market study.
- The CMA’s provisional findings published in July 2018 – what are the competitive problems?
- Proposed remedies – what market changes have been proposed to increase competition?

• The role of the industry in improving governance options and member outcomes
- How can the fiduciary managers contribute to improvement?
- How can the advisory firms contribute to improvement?
- How can FM oversight contribute to improvement?

• Appointing a fiduciary manager – How to do so and what to look out for
- What form of management best suits you?
- Full, partial and sleeve – the merits of each.
- How to construct an effective search
- What should you be looking for as you evaluate an FM for appointment?
- How can you measure success?

• Questions – an open forum