BN168 - CMA investigation into investment consultancy and fiduciary management services
Briefing Notes posted on 26 July, 2018
On 18 July 2018, the Competition and Markets Authority (CMA) published its provisional report on its market investigation into investment consultancy and fiduciary management services. This followed a referral from the Financial Conduct Authority in September 2017, in response to their study into the workings of the asset management industry (see BBS briefing note 155).
The CMA’s provisional conclusion is that there are issues that have an adverse impact on competition in both the investment consultancy and fiduciary management markets. However, the CMA has greater concerns about fiduciary management than the investment consultancy market generally.
This briefing note summarises the findings of the investigation and the proposed remedies, along with our view on the report’s proposals.