- Mandatory tendering for moving into fiduciary management. For those who already have it, but did not tender, they must also do so within five years.
- Mandatory warnings when selling fiduciary management.
- The Pensions Regulator to provide new and improved guidance for pension schemes when tendering for investment consulting or fiduciary management services.
- Better information on fees (for fiduciary management only) and standardised performance reporting (both advisory and fiduciary management).
- Trustees will be required to set their investment consultant strategic objectives and firms must report against these.
- Regulation of investment consulting and fiduciary management services by the FCA.
Following the Competition & Markets Authority (‘CMA’) review of the Investment Consultancy Market, on 18 July 2018, it has provisionally proposed some changes that it believes will improve competition and help trustees gain more information to make more informed choices, and get a better deal from investment consultancy and fiduciary management services. The CMA has proposed the following key changes, which has consulted on before making any final decisions: