Regulator gets tough on consultants
The Competition and Markets Authority (CMA) has proposed tougher regulation of investment consultants after conducting a probe into potential conflicts of interest arising from mixing advisory work with investment services.
Pension funds use consultants such as Mercer and Willis Towers Watson to advise them on which fund managers to use and often also turn to consultants to manage their assets, under a model known as fiduciary management.
The CMA probe was prompted by concerns that consultants were pushing their advisory clients to use their fiduciary management services and that this was creating a lack of competition.
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