UK Pension Consultants Get Brief Reprieve From Competition Probe

British pensions consultants got a brief stay of execution from a competition review on Wednesday but are still likely to face a probe later this year after the country’s financial watchdog rejected their defence.

The Financial Conduct Authority proposed sweeping changes to the asset management sector in order to improve transparency and value for money for customers, including around fee disclosures and fund governance.

In a toughly worded interim update in November, the FCA had raised the prospect of referring the consultants, which advise on 3 trillion pounds of investments for pension schemes and others, to the Competitions and Markets Authority, citing concerns around conflicts of interest and opaque fees.

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