Commenting on the FCA's decision to refer the investment consulting industry to the CMA , Sinead Leahy, pensions investment partner at PwC, said:
"The FCA's decision to refer the investment consulting industry to the CMA should be beneficial for pension scheme trustees, members and the industry as a whole, and prove an important step towards ensuring members receive the best outcome.
"Trustees must be aware of the conflict of interest that arises when investment consultants offer their fiduciary services. They need to ensure governance models allow appropriate challenge. We recommend trustees review their fiduciary providers now to ensure they are well placed to achieve a good quality service and value for money. Possible solutions would be to appoint independent trustees, multiple investment consultants or a separate investment consultant and fiduciary manager."
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