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Draft guidance consultation (in response to CMA recommendation)

Consultation on draft guides to deliver the Competition and Markets Authority's (CMA) recommendation to The Pensions Regulator (TPR) to produce guidance to trustees of occupational pension schemes on engaging with investment consultants and fiduciary managers.

Open date: 31 July 2019
Closing date: 11 September 2019
Response date: 28 November 2019

Consultation response


Following an investigation into the investment consultancy and fiduciary management market, the Competition and Markets Authority (CMA) introduced new duties for trustees and managers of occupational pension schemes, which will take effect from 10 December 2019.

The Department for Work and Pensions (DWP) consulted on bringing these new duties into pensions legislation, which we will be responsible for regulating.

The CMA made recommendations in its final report for us to produce guidance to support trustees in complying with these new duties. We consulted on four guides aimed to support trustees in meeting the new duties and engaging with their providers of investment consultancy and fiduciary management services.

Consultation documents