View more on these topics

FCA eyes further supervision of investment consultant sector

Fixed-Income-Portfolio-Coins-Pounds-Growth-700x450.jpgThe FCA has said it is working with the Treasury and Competition and Markets Authority on how it can gain greater powers with regard to investment consultants.

The announcement comes after a recent CMA review into the sector found a “low level of engagement by some pension fund trustees in choosing and monitoring their investment consultant and fiduciary manager”.

The competition watchdog also found that “established firms which provide both investment consultancy and fiduciary management services have an advantage which can impede competition in the market”.

In a response letter to the CMA yesterday, the FCA’s strategy and competition director Chris Woolard says that the FCA plans to keep up its work to ensure clear and consistent reporting of asset management fees, and that the FCA supports the CMA’s recommendation to widen the regulator’s remit to cover the full scope of investment consultancy services.

Woolard writes: “We agree that due to the size of the market for investment consultancy services a small change in the quality of service provided could have a significant impact on savers’ retirement outcomes. We also note the broad support from across industry for an extension of our perimeter to capture investment consultancy services.

“Bringing investment consultancy services into our perimeter would allow us to consider future market developments which may affect pension savers. It would also allow us to consult on rules to incorporate the CMA’s remedies into our regulation of the sector.”



UFPLS vs flexi-access drawdown: drawdown wins by a country mile

If there is a straight choice between flexi-access pension drawdown and uncrystallised funds pension lump sum, flexi-access wins by a country mile in virtually every situation. The Treasury prefers to pronounce UFPLS as “uffplus”, presumably because the plus syllable lends a positive quality to this otherwise ridiculous expression. Most pension professionals prefer to pronounce it […]


British investors’ £4.2bn in zombie funds

British retail investors had £4.2bn in “dormant” funds – with “tiny” assets and inflows, but often high charges in the five years to 2017, according to Morningstar. In a report the research and ratings agency found 194 such “orphaned” or “zombie” UK-domiciled funds – or funds with under €100m (£86.9m) in assets under management and […]


All mortgage transactions on hold as BoE hit by technical problems

UK borrowers cannot access a mortgage right now as the Bank of England confirmed a key payments system has been hit by technical problems. The Bank says it identified a technical issue this morning related to some routine maintenance of the real time gross settlement system payment system and has paused settlement while it resolves […]

Legal & General IM poaches Columbia Threadneedle EMEA boss

Columbia Threadneedle’s chief executive officer for Europe, the Middle East and Africa Michelle Scrimgeour has resigned to join Legal and General Investment Management as chief executive officer, She will be succeeding Mark Zinkula who will retire in August. LGIM says the specific retirement and appointment dates will be confirmed in due course. Scrimgeour will also […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm