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Draft guidance consultation (in response to CMA recommendation)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 (midday)


Following an investigation into the investment consultancy and fiduciary management market, the Competition and Markets Authority (CMA) has 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) is currently consulting on bringing these new duties into pensions legislation, after which we will be tasked with regulating compliance with the requirements.

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

How to respond

You can find further information on this consultation, including details on how to respond, in the consultation document below.

Consultation documents