UK Consultation on Draft Law Ensuring Trustee Oversight of Investment Consultants and Fiduciary Managers

The U.K. Department for Work and Pensions has opened a consultation on draft Occupational Pension Schemes (Governance and Registration) (Amendment) Regulations 2019. The consultation runs until September 2, 2019. The draft Regulations are intended to implement into law certain of the remedies made by the U.K. Competition and Markets Authority in its Investment Consultants and Fiduciary Managers Markets Investigation. The CMA published a Final Report in December 2018 that set out its finding of adverse competition in the investment consultants and fiduciary managers markets and the remedies to address that finding. The CMA's final Order to implement the remedies was published on June 10, 2019.

The draft Regulations prescribe requirements for pension scheme trustees when using investment consultant and fiduciary management services and grant powers to The Pensions Regulator to supervise compliance with the requirements. The DWP are aiming for the final Regulations to be made before the end of 2019 and for the Regulations to come into force on April 6, 2020.

View the consultation.

View details of the CMA's final Order.

View details of the CMA's Final Report.

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