Our response to the CMA's Investment Consultants Market Investigation Provisional Decision Report

July 2018

Cardano, the purpose-built risk and investment specialist, has commented on the provisional decision of the Competition & Markets Authority (CMA) in its investment consultant market investigation, published on 18 July 2018.

Richard Dowell, Co-Head of Clients:

"It is fantastic to see the CMA progress so many of the remedies required to improve this industry. Following a detailed and forensic enquiry, the pragmatic proposals put forward will bring real and much-needed change. 

“The industry will scrutinise these recommendations over the coming weeks and consider how they will benefit the industry at large. It is important that all parties, including the Pensions Regulator, now work together to support trustees in their work on behalf of beneficiaries.

“The only stone that remains unturned, perhaps, is what the data gathered by the CMA can tell us about the impact of adopting  fiduciary management versus advisory. Given the focus on transparency, publication of the aggregate performance data collected through the course of this enquiry would demonstrate whether, as a whole, outcomes have been better for those that chose FM even though the CMA is concerned how the market has developed. That said, this provisional decision delivers a solid 9/10.”