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This is the government’s response to the 2019 ‘Consultation on delivering the Competition and Markets Authority (CMA) recommendation for trustee oversight of investment consultants and fiduciary managers’.
This document provides a high-level summary of the consultation responses received and the government’s response.
The draft Occupational Pension Schemes (Governance and Registration) (Amendment) Regulations 2019 amend current legislation to integrate an order produced by the Competition and Markets Authority (CMA) into pensions law.
- will require trustees of occupational pension schemes, subject to certain limited exceptions, to carry out a tender process for fiduciary management services and set objectives for their investment consultants
- will allow The Pensions Regulator to oversee the requirements
The consultation is aimed at:
- pension scheme trustees
- pension scheme service providers, other industry bodies and professionals
- civil society organisations
- pension scheme members and beneficiaries
- any other interested stakeholders
This consultation follows the government response to the investment consultants market investigation.
Read The Pensions Regulator’s draft guidance consultation (in response to CMA recommendation).