Govt delays fiduciary management consultation response

The government has delayed the publication of the response to the consultation on trustee oversight of investment consultants and fiduciary managers until the first half of 2022.

Published in July 2019, the consultation sought opinions on changing regulations regarding pension schemes and fiduciary management, in response to a final order from the Competition and Markets Authority (CMA).

It was looking for views on altering regulations to integrate the CMA’s final order, which would require trustees of workplace pension schemes to carry out a tender process for fiduciary management services.

The consultation also questioned respondents on whether trustees should have to set objectives for their investment consultants.

It contained draft regulations to enact the CMA’s final order, which are expected to be overseen by The Pensions Regulator.

The consultation closed on 2 September 2019 and no reason was given for the delay. Trustees were told to continue to comply with the CMA final order until the consultation response is published.

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