UK watchdog orders shake up of investment consultants
LONDON, Dec 12 (Reuters) - Poor competition in the market for consultants who advise pension funds has resulted in "substantial customer detriment", Britain's Competition and Markets Authority said on Wednesday.
The CMA announced a range of reforms to the investment consultancy and fiduciary management sector, saying it was vital that competition works well.
Remedies include mandatory tendering when pension trustees first purchase fiduciary management services, and a requirement on investment consultants to separate marketing of their fiduciary management service from their investment advice.
(Reporting by Huw Jones, editing by Sinead Cruise)
