CMA

"Defective" company audits could mean millions of savers in pensions funds are "losing out", says the Competition and Markets Authority (CMA) as it launches a probe of the audit sector.

Errors in the Competition and Markets Authority's (CMA) data analysis make its provisional decision on the investment consultants market investigation "flawed", and lacks an "adequate evidential basis" to impose remedies, Mercer has said.

The CMA investigation into the investment consultants and fiduciary managers market is drawing to a close. James Phillips looks at reaction to the provisional decision

The majority of Pensions Buzz respondents said directors who avoid obligations should be penalised.

Mandatory tenders for fiduciary management services should be conducted on a closed basis with no minimum threshold for the number of managers involved, the Pensions and Lifetime Savings Association (PLSA) says.

Proposed remedies for the investment consultant and fiduciary management market will need a substantially clearer rulebook in order to be practical, Aon has warned.

Jonathan Stapleton says the jury is out on whether or not the competition watchdog has gotten it right with its proposals for consultants and fiduciaries.

This week's top stories included coverage of the Competition and Markets Authority's provisional decision following its investigation of investment consulting and fiduciary management.

Respondents were almost evenly split in this week's Pensions Buzz on whether the Competition and Markets Authority's (CMA) remedies for the investment consultant and fiduciary management markets go far enough.

Proposals for mandatory tendering of fiduciary management services, as well as additional guidance for trustees, have been welcomed by industry commentators albeit with some caution.