Investment - Articles - XPS Pensions Group comments on the CMA report

 "The CMA has strong concerns over fiduciary management and how pension funds have been steered towards it. The evidence of this is very significant and we see it every day, however much the fiduciary managers deny it publically. Requiring a full tender at the initial appointment of the fiduciary manager is a step forward but is only really effective if independent advice is sought which is not part of the CMAs remedies.
 
 "It has also recommended that the government extend the FCA’s regulatory oversight to investment consultants and fiduciary managers. This change in regulation needs to go far enough to curb the practice where currently investment consultants can give formal Section 36 Pensions Act advice on its own regulated investment products, which is ridiculous. We believe the FCA should require pension schemes to obtain independent investment advice when purchasing a regulated investment or fiduciary management services."