Published: 14th November 2017


Of relevance to: Institutional investors including pension schemes, charities, insurance companies
Key dates: Provisional Decision report due in July 2018
Completion 13 March 2019

Following an FCA referral, the Competition and Markets Authority are undertaking an investigation into the supply and acquisition of investment consultancy services and fiduciary management services to institutional investors, including pension schemes, charities, insurance companies and endowment funds.

The FCA believes there are reasonable grounds for suspecting that competition is poor in connection with the supply and acquisition of these services in the UK.

The investment consultancy market (the largest three being Aon Hewitt, Mercer and Willis Towers Watson) provides a number of different services, in particular to pension trustees, including strategic asset allocation advice, manager selection advice, fiduciary management advice and advice to employers in relation to pension schemes for the benefit of their employees.

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