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This working paper contains the CMA’s first analysis and emerging findings regarding the information available to pension trustees on the fees and quality of investment consultants and fiduciary managers.
In response to the working paper, Caroline Escott, Policy Lead: Investment and DB, Pensions and Lifetime Savings Association, said:
“Workplace pension schemes have £2.2tn of assets under management in the UK1 and millions of savers rely upon these investments for a good income in retirement. Both defined benefit and defined contribution schemes are important customers for investment consultants, including fiduciary management; as good quality investment advice on areas such as asset allocation and manager selection can have a significant impact on both investment returns and the value of savers’ capital, it is vital that this market works effectively.
“Transparency is a cornerstone of any well-functioning market and we therefore welcome the CMA’s decision to focus on the quality of the fee and performance information provided to trustees. Trustees need to have access to data which is consistent, timely and comparable so they are better able to assess the quality and value for money they receive from their investment advisers.”