The Competition and Markets Authority publishes on its website:
“The CMA has today issued its legally-binding Order to help pension trustees make better decisions for £1.6 trillion of retirement assets that they oversee.
This marks the final step of the Competition and Markets Authority’s (CMA) reform of the investment consultancy and fiduciary management sectors, after its in-depth investigation found significant competition concerns.
Investment consultants and fiduciary managers play an important role in ensuring over half of all UK households’ retirement savings are invested wisely. They advise and provide services to trustees that oversee companies’ pension schemes.
Today’s Order requires fiduciary managers – who make investment decisions on behalf of trustees – and investment consultants to provide clearer information about what their customers are getting for their money, and incentivises pension scheme trustees to shop around to make sure they are getting the best deal to suit their needs.”