{"id":1039,"date":"2019-06-20T20:12:37","date_gmt":"2019-06-20T19:12:37","guid":{"rendered":"https:\/\/www.competitionlawyers.co.uk\/blog\/?p=1039"},"modified":"2019-06-20T20:12:37","modified_gmt":"2019-06-20T19:12:37","slug":"investment-consultants-investigation-concludes","status":"publish","type":"post","link":"https:\/\/www.competitionlawyers.co.uk\/blog\/investment-consultants-investigation-concludes","title":{"rendered":"Investment consultants investigation concludes"},"content":{"rendered":"<p>The Competition and Markets Authority (CMA) has issued a final order in the investment consultants investigation that\u2019s been <a href=\"https:\/\/www.competitionlawyers.co.uk\/blog\/investment-consultants-market-investigation-updated\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>ongoing since 2017<\/strong><\/a>.<\/p>\n<p>The final step in the reforms that the CMA has been pushing forward has been put in place with the aim or improving the sector on the whole. Clearer information is now to be provided for customers who can enjoy better knowledge about the value for money they can get. There are also greater incentives for pension scheme trustees to shop around for better deals.<\/p>\n<p>The aim, of course, is to ensure that consumers can get best value for their money. The order made is legally-binding, and is designed to ensure that pension trustees make better decisions for the retirement assets they manage.<\/p>\n<p><!--more--><\/p>\n<h3><strong>Order made in the investment consultants investigation<\/strong><\/h3>\n<p>A final order has been made as part of the CMA\u2019s investment consultants investigation that was initiated way back in September 2017. The CMA has confirmed that the gist of the order is to ensure the following:<\/p>\n<ul>\n<li>Competitive tenders must be run for investment decisions to ensure a best deal can be selected from a number of fiduciary management services, as opposed to just using the one (which was found to be common);<\/li>\n<li>More information must be provided to potential new customers to allow for them to better compare service providers;<\/li>\n<li>More information must be provided in relation to fees for existing clients.<\/li>\n<\/ul>\n<p>There\u2019s now a period of six months for those involved in the sector to get their houses in order to comply with the changes.<\/p>\n<h3><strong>Why this is an important investigation<\/strong><\/h3>\n<p>The conclusions and the order made in the investment consultants investigation is incredibly important. The scale of this particular sector \u2013 with assets managed worth around \u00a31.6 trillion \u2013 is an important one when it comes to ensuring it is effectively managed.<\/p>\n<p>And we\u2019re talking about people\u2019s livelihoods here; the money they will rely upon when they reach retirement.<\/p>\n<p>The Chair of the investigation, John Wooten, said:<\/p>\n<p><em>\u201cMillions of people rely on pension scheme trustees to invest their savings effectively \u2013 which is why it\u2019s so important that trustees shop around for the best deal for them. Our investigation found that many trustees lack the information needed to assess and compare investment consultants and fiduciary managers, meaning they may not be getting the best value for their members\u2019 money.<\/em><\/p>\n<p><em>By putting the requirements of our investigation into law today, we will increase competition and make sure these markets work better for UK pension beneficiaries.\u201d<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Competition and Markets Authority (CMA) has issued a final order in the investment consultants investigation that\u2019s been ongoing since 2017. The final step in the reforms that the CMA has been pushing forward has been put in place with the aim or improving the sector on the whole. Clearer information is now to be &hellip; <a href=\"https:\/\/www.competitionlawyers.co.uk\/blog\/investment-consultants-investigation-concludes\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">Investment consultants investigation concludes<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":34,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[13,10],"tags":[29,2,21,45],"class_list":["post-1039","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industry","category-investigations","tag-advertising","tag-cma","tag-incentives","tag-investigations"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - 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