Pensions - Articles - Aegon on Governments response to CMAs recommendations

Steven Cameron, Aegon Pensions Director, on the Government’s response to CMA’s recommendations around investment consultancy and fiduciary management services:

 “We are pleased the Government and the Pensions Regulator have largely accepted the recommendations from the CMA around investment consultancy and fiduciary management.

 “This will help ensure trustees have what they need to make best use of these services for the benefits of scheme members. However, citing competing priorities, the Government has deferred a decision on if it will take forward the CMA’s recommendation to extend the FCA’s regulatory perimeter to cover activities of investment consultancies. This adds to the existing the list of deferred Government initiatives, or ‘casualties of Brexit’.

 “The pensions related activities of such firms can overlap or be adjacent to those of other regulated firms so we believe it makes sense to bring them within the scope of both the FCA and the Pensions Regulator. Doing so would lead to greater consistency across the workplace pensions market in areas such as disclosure of charges and performance. It would also allow the FCA to extend existing rules to address concerns over conflicts of interest where the same firm offers a range of different services.”

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