Attendees were asked for their view on the proposed remedies and whether they have done enough to make the market more efficient. 38% of attendees voted that it went far enough. There were only 2 people in the survey who said the CMA Review recommendations had gone too far.
Patrick McCoy, Head of Investment at XPS said: “We believe the CMA should extend the remedy which requires a tender process to take place when appointing a fiduciary manager to include the requirement for the trustees to take independent investment advice. We also believe that the splitting of advice and marketing by fiduciary managers should go further so that it requires selling to be done by a different person than the person providing advice.”
The survey was of 267 pension scheme trustees and corporate sponsors attending the XPS Pensions Group Conference. Delegates represented pensions schemes responsible for over 7 million members in the UK.
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