UK Antitrust Watchdog Sets New Investment Adviser Rules
Law360, London (December 13, 2018, 12:25 AM GMT) -- Britain’s antitrust watchdog said Wednesday that it will introduce reforms to the sector responsible for managing £1.6 trillion ($2 trillion) worth of pensions after it identified problems with competition during an extensive probe.
The Competitions and Markets Authority set out the measures to fix issues that it found in the investment consultancy and, to a greater degree, the fiduciary management sector. The CMA said that pension trustees who wish to delegate investment decision for more than 20 percent of their scheme’s assets must run a tender with at least three firms. And fiduciary managers must provide potential clients with clear details...
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