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.
This article is for information purposes only.
Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.
There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.