Service providers and industry groups in the U.K. have serious concerns over a provisional report investigating the investment consulting and outsourced chief investment officer markets.
The U.K.'s Competition and Markets Authority in July published its provisional decision report into investment consultants and OCIO providers — known in Europe as fiduciary management — after months of investigation and analysis. Along with outlining concerns over the functioning and specifics of the services, including worries over conflicts of interest among providers, the CMA detailed eight remedies.
Last month, the CMA published on its website responses from 39 entities, which included investment consultants, money managers, fiduciary managers and trade groups. The CMA aims to make its final decision in March 2019. The majority of the remedies and conclusions reached in the report were welcomed by respondents, who also noted serious concerns.
Pensions & Investments has analyzed responses and identified 10 potential sticking points, according to the industry.