Competition and Markets Authority

The number of defined benefit (DB) schemes using fiduciary management grew by just 9% over the 12 months to June this year, according to KPMG.

Aon, Mercer and Willis Towers Watson have renewed criticism of the Competition and Markets Authority (CMA) over its analysis of the benefits of tendering for fiduciary management contracts.

Tendering for fiduciary management has led to fees being reduced by between 19% and 22%, latest analysis by the Competition and Markets Authority (CMA) finds.

Investment consultants and fiduciary managers should expect a final decision on the investigation into the market to be published by the end of the year, the competition watchdog says.

"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.