UK. £1.6trn investment consultancy sector faces overhaul by UK watchdog
The Competition and Markets Authority’s (CMA) 330-page provisional decision comes after an investigation ordered by the Financial Conduct Authority (FCA) into the sector.
The CMA found out that while pension schemes can choose from a range of different firms, there were competition problem within both the investment consultancy and even more so in the fiduciary management markets.
Pension trustees in the UK will have to run compulsory public tenders when appointing their first fiduciary manager, according to the proposals. The report also calls for trustees who have not previously run a tender to do so within five years.
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