The Financial Conduct Authority (FCA) has today confirmed its final decision to refer the investment consultancy and fiduciary management sector to the Competition and Markets Authority (CMA).
The market investigation reference to the competition watchdog is the first of its kind, and follows the FCA's provisional decision after its interim Asset Management Market Study in November 2016 highlighted issues about competition. Despite the three largest investment consultants - Mercer, Aon Hewitt, and Willis Towers Watson - in February 2017 offering a package of undertakings in lieu (UIL) to address these concerns, it was provisionally rejected by the FCA in June. The regulator was not confident that it would provide a comprehensive solution to the adverse effects of competit...
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