The Financial Conduct Authority (FCA) has today confirmed its final decision to refer the investment consultancy and fiduciary management sector to the Competition and Markets Authority (CMA).
The market investigation reference to the competition watchdog is the first of its kind, and follows the FCA's provisional decision after its interim asset management market study in November 2016 highlighted issues about competition. Despite the three largest investment consultants - Mercer, Aon Hewitt, and Willis Towers Watson - in February 2017 offering a package of undertakings in lieu (UIL) to address these concerns, it was provisionally rejected by the FCA in June. The regulator was not confident it would provide a comprehensive solution to the adverse effects of competition i...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
