Asset management market study – final FCA decision on CMA referral | PLSA
Asset management market study – final FCA decision on CMA referral

Asset management market study – final FCA decision on CMA referral

14 September 2017

The PLSA has today responded to the FCA’s final decision to make a Market Investigation Reference (MIR) in relation to investment consultancy services and fiduciary management services (Click here for announcement).  

Caroline Escott, Policy Lead: Investment and Defined Benefits at the PLSA, said: 

“We welcome the decision of the FCA to make a market investigation reference to the Competition and Markets Authority (CMA). Workplace pension schemes have £1.9tn of assets under management in the UK and pension schemes represent 57% of all institutional investments. Both Defined Benefit and Defined Contribution schemes are important users of the services provided by investment consultants, including fiduciary management. 

“Investment consultants can play a positive role in the institutional investment chain, and many PLSA members have told us they are happy with the services offered by their investment consultants. Nonetheless others have expressed concerns about the potential misalignment of incentives in the sector and the FCA’s studies have highlighted competition issues on both the demand- and the supply- side. 

“We hope that the CMA investigation can examine these issues in depth and recommend comprehensive solutions.  We do however urge the CMA to be mindful of the need for any investigative measures taken to be proportionate and timely to prevent avoidable costs or uncertainty for schemes during its review.  

"We look forward to working with the entire breadth of our membership, including asset managers, consultants and pension schemes to support the CMA in its investigation and work towards a market aligned with the best interests of pension schemes and their members.” 




We’re the Pensions and Lifetime Savings Association; the national association with a ninety year history of helping pension professionals run better pension schemes. Our members include over 1,300 pension schemes with 20 million members and £1 trillion in assets, and over 400 businesses. They make us the voice for pensions and lifetime savings in Westminster, Whitehall and Brussels. 

Our purpose is simple: to help everyone to achieve a better income in retirement. We work to get more money into retirement savings, to get more value out of those savings and to build the confidence and understanding of savers.


Lee Blackwell, Head of Media & PR, Pensions and Lifetime Savings Association

T: 020 7601 1726, M: 07713 073 023, E: [email protected] 

Kathryn Mortimer, Press Officer, Pensions and Lifetime Savings Association

T: 020 7601 1748, M: 07901 007713, E: [email protected] 

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