PLSA reacts to consultant market investigation

The Pensions and Lifetime Savings Association (PLSA) responded to the first working paper from the Competition and Markets Authority (CMA) investigation into the investment consultants market.

The CMA paper has the first analysis and emerging findings by the CMA, on the information available to pension trustees on the fees and quality of investment consultants and fiduciary managers. PLSA policy lead on investment and defined benefit (DB), Caroline Escott, commented: “Transparency is a cornerstone of any well-functioning market and we therefore welcome the CMA’s decision to focus on the quality of the fee and performance information provided to trustees. Trustees need to have access to data which is consistent, timely and comparable so they are better able to assess the quality and value for money they receive from their investment advisers.”

Escott added that the PLSA is campaigning for improved transparency and better pension fund governance. “We look forward to consulting with a broad range of our members to feed in their views to the CMA’s work in this area and ensure a market that works in the best interests of pension savers,” she added.