Nick Evans, Partner and Head of Investment Advisory, KPMG comments
Nick Evans, Partner and Head of Investment Advisory, KPMG said:
“We have supported the CMA review from the outset and believe that the remedies are a sensible and important development for the investment consulting and fiduciary management industry.
“In the investment consulting market, having clear strategic objectives set by trustees to assess the quality of the advice is a welcome development. As identified by the CMA, the relationship between quality of advice and market share is not as it should be. More competitive tendering should help trustees to better assess the quality of advice and reduce concentration in this market.
“In the fiduciary management market, as our recent survey found, only around two thirds of new fiduciary appointments were assisted by independent advice. There is room for improvement and the CMA’s findings will help. It is also good for the fiduciary market that transparency on costs will be addressed and trustees will have better visibility on performance.
“Ultimately today’s announcements will mean a better deal for pension scheme members.”
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