Investment consultants market investigation
Remember, remember the 10th of December…
Trustees risk leaving their scheme ungovernable if they do not get in place strategic objectives for investment advisers, warns John Paterson.
Hymans Robertson calls for clarification over impact of CMA order on LGPS funds
Local Government Pension Scheme (LGPS) funds must set investment objectives after the competition watchdog expanded those caught by its market investigation, but more clarity is needed, Hymans Robertson has said.
CMA takes final step in reform of investment consultants and fiduciary managers
The Competition and Markets Authority (CMA) has issued a legally-binding order in a bid to help pension trustees make better decisions for the £1.6trn of retirement assets they oversee.
Five stories you may have missed this week
This week's top stories included warnings that defined benefit (DB) transfers could become more difficult for trustees to process after regulatory register changes.
Government announces plan to press ahead with CMA reforms
The government will proceed with a range of changes to the investment consultant and fiduciary management markets as recommended by a major competition review.
CMA issues draft order on remedies from market review
The Competition and Markets Authority (CMA) has taken its first steps towards imposing a suite of remedies for the investment consulting and fiduciary management markets.
Exclusive: KPMG launches ratings for fiduciary managers
KPMG has introduced ratings for fiduciary management products and managers, mirroring its current approach with other investment manager funds.
XPS Pensions: Trustees must 'wake up and smell the coffee' after CMA review
Some investment consultants and fiduciary managers may be misrepresenting the conclusions of a major market competition review to clients, XPS Pensions says.
Here's to a happy (but quieter) New Year
As a hectic 2018 draws to an end, Jonathan Stapleton wishes readers a quieter 2019.
Market welcomes 'real teeth' in 'thorough' CMA final report
The Competition and Markets Authority's (CMA) final report on the investment consultant market has been celebrated as having "real teeth" to produce better outcomes for members.
UPDATED: CMA issues final report; Schemes must invite three firms in fiduciary management tender
Tenders for first-time fiduciary management mandates will be mandatory, must be conducted on a closed basis, and will apply to any mandate for over 20% of a scheme's assets, the Competition and Markets Authority (CMA) has confirmed.
BMO expands business with fiduciary management offering
BMO Global Asset Management has opened a UK fiduciary management business, promising a "truly open architecture" approach to deliver "better client outcomes".
Fiduciary management growth plummets as CMA probe nears conclusion
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.
'Big three' continue to resist CMA's fiduciary management tender evidence
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.
Fiduciary management tendering could cut fees by 20% - CMA
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.
Final CMA decision likely by Christmas; remedies enforced from June 2019
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.
Mercer slams 'data errors' in CMA probe's 'unreliable' analysis
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.
Industry issues verdict on CMA plans
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
Govt should fine or disqualify pension-dodging directors
The majority of Pensions Buzz respondents said directors who avoid obligations should be penalised.
Exclusive: PLSA calls for mandatory FM tenders to be run on closed basis
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.
CMA remedies need tightened 'rulebook', says Aon
Proposed remedies for the investment consultant and fiduciary management market will need a substantially clearer rulebook in order to be practical, Aon has warned.
Do the CMA's proposals go far enough?
Jonathan Stapleton says the jury is out on whether or not the competition watchdog has gotten it right with its proposals for consultants and fiduciaries.
Industry split on whether CMA proposals go far enough
Respondents were almost evenly split in this week's Pensions Buzz on whether the Competition and Markets Authority's (CMA) remedies for the investment consultant and fiduciary management markets go far enough.
CMA report 'pragmatic and realistic' while mandatory tendering 'will bring better value'
Proposals for mandatory tendering of fiduciary management services, as well as additional guidance for trustees, have been welcomed by industry commentators albeit with some caution.
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