Pensions regulator launches consultation on investment governance

01 Aug 2019

Pension scheme trustees and advisers are being given the chance to have their say on new rules for investment governance.

The Pensions Regulator (TPR) has launched a consultation seeking the industry's views on the tougher rules. The new rules mean trustees will be legally required to run competitive tender processes to recruit fiduciary managers, if their schemes use such arrangements for at least 20% of their funds. This requirement will also apply to 'existing arrangements that have not been made as a result of competitive tender'.

Trustees will also be required to set strategic objectives for those providing them with investment advice. Separately, fiduciary managers and investment consultants will have new duties placed on them in regard to reporting charges, fees and performance. The changes follow an investigation by the Competition and Markets Authority (CMA) into the investment consultancy market.

Commenting on the matter, David Fairs, Executive Director for Regulatory Policy, Analysis and Advice at the TPR, said: 'Investment consultants and fiduciary managers can play an important role in helping trustees manage scheme investments effectively to get the best possible outcomes for savers.

'The CMA report found that when trustees tendered for services and reviewed the performance of their investment advisers, they were more likely to receive a better-quality service and better value for money. This is the chance for trustees and other parts of the industry to have their say on the guidance we have drafted to support the new rules.'

The consultation closes at midday on 11 September 2019.

Register for our newsletter

Once a month we'll send you an email packed full of essential business news and handy tax tips to help save you money.

Register

Weston-super-Mare

34 Boulevard
Weston-super-Mare
Somerset
BS23 1NF

01934 415022

Cheddar

Bath Street
Cheddar
Somerset
BS27 3AA

01934 743274


Home | Contact us | Accessibility | Disclaimer & Privacy Policy | Help | Site map |

© 2020 Four Fifty Partnership. All rights reserved.

We use cookies on this website, you can find more information about cookies here.


Registered to carry on audit work in the UK by the Institute of Chartered Accountants in England and Wales. Details about our audit registration can be found at auditregister.org.uk under the reference C001092613.

"four fifty partnership" is a trading name of Four Fifty Partnership Limited. Registered in England. Company Number 5032008. Registered Office 34 Boulevard, Weston super Mare, Somerset BS23 1NF.

Directors: Richard Acreman BSc CTA, Joy Boswell FCCA FCA, Peter Ison BA FCA and Nick Gravell FCCA FCA.

Professional Indemnity Insurers: Nexus Underwriting Limited 52-56 Leadenhall Street, London EC3A 2EB (Policy Number: BC6210PIA194). The territorial coverage is worldwide excluding professional business carried out from an office in the United States of America or Canada and excludes any action for a claim brought in any court in the United States of America or Canada.