EUROPE - The European Fund and Asset Management Association (EFAMA) has hired consultant McKinsey to formulate proposals aimed at the European Commission on fund distribution and long-term savings.
A spokesperson confirmed EFAMA hired the firm six weeks ago after it won a call for tender process. The consultant is now in the process of talking to pension funds and asset managers, as well as distributors.
McKinsey is expected to publish a report in January, as the newly nominated EC internal market commissioner Michel Barnier begins to tackle the review of the Markets in Financial Instruments Directive (Mifid) and other regulatory initiatives on asset management in Europe.
The report would deal with areas which fall under the responsibility of the internal market commissioner. Barnier was appointed last week and will replace Charlie McCreevy.
PwC, KPMG, EY and Deloitte must break up their consultancy and audit businesses into distinct firms to provide greater focus on the "most challenging and objective audits", the competition watchdog has said.
The Department for Work and Pensions (DWP) has released its first batch of guidance setting out how the guaranteed minimum pension (GMP) conversion legislation may be used to resolve unequal payments.
This week's top stories include the government spending £800,000 on a Gogglebox advert and MPs writing to The Pensions Regulator about its engagement with the Railways Pension Scheme.