LONDON, July 18 (Reuters) - Britain’s anti-monopolies regulator on Wednesday laid out a series of planned reforms to the investment consultancy and fiduciary management industry to help fix a range of competition concerns.
The Competition & Markets Authority said the changes were necessary to ensure consultants provide better value for money, both when advising pension schemes on where to invest and also when doing it for them, known as fiduciary management.
Among the changes proposed were mandatory competitive tenders for pension trustees selecting their first fiduciary manager and deadlines to retender within five years if they have already appointed a manager without doing so.
It also recommended the Pensions Regulator provide trustees with more advice on how to choose and scrutinise providers.
The CMA said fiduciary management firms must also provide clearer information on fees and how they have performed for other clients.
Lastly, the CMA said it wanted to see greater oversight of the industry and therefore proposed the British government broadens the scope of the Financial Conduct Authority.
Feedback on the provisional decision report is due by Aug. 24. (Reporting by Simon Jessop, editing by Sinead Cruise)