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Patrick McCoy, Head of Investment at XPS Pensions Group comments on the CMA investigation into the Investment Consultancy and Fiduciary Management markets as the ‘Consultation on the draft Investment Consultancy and Fiduciary Management Market Investigation Order 2019’ closes |
“This morning marks the deadline for industry feedback on the draft provisions from the Competition and Markets Authority (CMA) relating to the investment consulting and fiduciary management markets, which XPS Investment (part of XPS Pensions Group) fully support. We believe the remedies will have significant consequences on both industries and will encourage more competition which will provide better outcomes for pension schemes and their trustees. “Yesterday’s announcement from the Department for Work and Pensions (DWP) was spot on when they said that “The market sometimes restricts trustees’ ability to find the best value for money”. The CMA has wrapped the knuckles of the independent investment advisers who have been using their trusted adviser status to sell their own products.
“Investment advice is the most critical factor in achieving better outcomes for millions of pension scheme members and by creating a better functioning and more transparent market, trustees will be able to look outside of the more established players to find the right solution for their scheme.” |
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