Following a market investigation reference from the Financial Conduct Authority, the Competition and Markets Authority has published the issues statement for the market investigation it is carrying out into the supply of investment consultancy services and fiduciary management services to, or the acquisition of such services by, institutional investors and employers.

The CMA's issues statement sets out its general approach to the market investigation and outlines potential issues and possible remedies that might be put in place if competition issues are found. In particular, the CMA focuses on: (i) whether difficulties in customers' ability to assess, compare and switch investment consultants means that investment consultants have little incentive to compete for customers; (ii) whether conflicts of interest on the part of investment consultants reduce the quality and/or value for money of services provided to customers; and (iii) whether barriers to entry and expansion mean there are fewer challengers to put pressure on the established investment consultants to be competitive , which could lead to worse outcomes for customers.

The CMA is requesting feedback on the issues statement by October 12, 2017.

View the Statement of Issues.

View the CMA Case Page.

View the CMA Press Release.