As part of our Asset Management Market Study we have made a final decision to make a market investigation reference on investment consultancy and fiduciary management services and to reject the proposed Undertakings in Lieu (UIL).
Time line of the decision
- November 2016: we published our provisional decision[1] to make a market investigation reference (MIR) of the investment consultancy market to the CMA.
- February 2017: the three largest investment consultants (Aon Hewitt, Mercer and Willis Towers Watson) offered undertakings in lieu of a reference.
- June 2017: we reached a provisional view[2] to reject the proposed UIL[3] and we consulted, seeking feedback from interested parties, on our provisional view.
We have now reached a final decision to make a MIR on investment consultancy and fiduciary management services and to reject the UIL. We have set out our reasoning and the final Terms of Reference for the MIR:
Next Steps
The Competition and Markets Authority will now begin a market investigation to review how competition is working for investment consultancy and fiduciary management services.