Investment consultants clash with industry over competition investigation

The sector wanted to prevent the regulator from asking the Competition and Markets Authority (CMA) to undertake an investigation, while groups such as asset managers pressed for the move, according to the FCA. The market investigation reference (MIR) 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. The regulator had consulted the industry prior to making the referral on 14 September and received 37 responses - 11 from investment consul...