Competition and Markets Authority

The investment consultant and fiduciary management market "may not be working well for pension schemes which are not engaged", the Competition and Markets Authority (CMA) has said.

Majority of respondents agree with the PLSA that regulation is too micro-managerial

Regulation aimed at improving the governance of occupational pension schemes has left the sector "regulated to the lowest common denominator" with a "prescriptive and micro-managerial approach".

The Competition and Markets Authority (CMA) has published three working papers as part of its probe into investment consultants and fiduciary managers - saying it has no concerns over concentration in these markets.

The time and costs involved in the process of tendering and/or switching a fiduciary manager can be 'considerable' and may make it more difficult for schemes to assess value for money and switch provider.

The CMA's latest working paper finds trustees are very likely to choose their existing investment consultant for a fiduciary management mandate without third-party advice, James Phillips reports

The pressure of "excessive regulation" is causing a drop in the number of lay trustees and deterring people from taking up the role, according to this week's Pensions Buzz respondents.

Investment consultants are failing to recommend products that outperform net of fees, the Competition and Markets Authority (CMA) has said as its investigation into the market continues.

The industry has welcomed the Competition and Markets Authority's (CMA's) working paper on the information available to trustees on the fees and quality of investment consultants and fiduciary managers.

The Competition and Markets Authority (CMA) has released a working paper detailing its analysis around the information available to trustees on the fees and quality of investment consultants and fiduciary managers.