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Webinar Description: 

In June 2019, the Competition and Markets Authority (CMA) published its final order following its investigation into the fiduciary management and investment consulting sectors.

The competition watchdog's order requires fiduciary managers and investment consultants to provide clearer information about what their customers are getting for their money, and forces pension scheme trustees to shop around to make sure they are getting the best deal to suit their needs.

In particular, the order rules that trustees who wish to delegate investment decisions for 20% or more of their scheme assets to a fiduciary manager must run a competitive tender when first purchasing fiduciary management services. Those who have already appointed a fiduciary manager must put the service out to tender by June 2021, or within five years of the appointment anniversary, if this is later.

Fiduciary management firms must provide potential new customers with more information on their fees and performance, so they can compare service providers with ease. They must also provide more information on their fees to their existing clients.

Since June, the Department for Work and Pensions (DWP) and the Pensions Regulator have issued draft legislation and guidance on trustee duties in response to the CMA’s order.

This webinar will discuss what the CMA’s review and the draft legislation and guidance mean for pension schemes; what, if anything, they need to do now; and ask how fiduciary management services are likely to develop over the coming years.


In particular, it will ask:

  • How is the CMA ruling changing the way schemes are appointing fiduciary managers?
  • What does a ‘best-in-class’ tender look like and what are the key questions schemes should be asking?
  • What, if anything, should schemes with a fiduciary manager or those considering appointing a fiduciary do now?
  • How will fiduciary management develop in the light of the CMA’s ruling and the new legislation and guidance?

Presenters

Stapleton_Jonathan

Jonathan Stapleton

Editor-in-chief, Professional Pensions

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Jonathan is editor-in-chief of Professional Pensions and has been reporting on UK occupational pensions since 2001.

He was named IA Pensions Journalist of the Year in 2015, SPP Journalist of the Year in 2014 and 2011 and is holder of the PMI's Retirement Provision Certificate.

Jonathan-Watts

Peter Daniels FIA

Principal and Head of FM Evaluate.

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Peter works with a range of UK defined benefit pension schemes on investment strategy. He helps trustees devise strategies consistent with their investment beliefs and objectives, and is experienced in designing growth asset portfolios and liability matching strategies for clients. He has substantial liability side experience having started his Barnett Waddingham career in the firm’s actuarial practice. More recently, Peter has spent considerable time researching the fiduciary management market and helped develop the firm’s fiduciary management oversight and evaluation service (FM Evaluate). He has practical experience of fiduciary manager selection exercises and ongoing performance monitoring. He helps trustee boards set investment governance frameworks appropriate for their individual schemes and is a strong believer that an independent advisory function is important in all cases.

Sion Cole

Ajeet Manjrekar

Co-Head of River and Mercantile Solutions

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Ajeet is a member of the Senior Management Team and Co-Head of River and Mercantile Solutions. He is a qualified actuary with over 20 years’ experience in working with Trustees and Corporate sponsors. Having worked across consulting and financial services, he combines being both technical and pragmatic, focusing on working with trustees to understand their specific investment and governance needs, in order to design innovative solutions to achieve their funding objectives.

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