The Competition and Markets Authority (CMA) has today proposed a series of reforms to the investment consultancy and fiduciary management sector.
Responding to the proposals, Mark McNulty, Head of JLT Employee Benefits Investment Solutions, said: ‘The CMA has reached a correct assessment of the issues which need addressing and is right to have dismissed far reaching changes - which were neither needed nor proportionate. The requirement for tendering before awarding a fiduciary management mandate for the first time is undoubtedly a step forward in ensuring better outcomes for customers. Equally, setting a five year timescale for those mandates which had not previously been tendered is consistent and a welcome step. We look forward to a more active, competitive marketplace over the coming years. The other measures to enhance transparency on fees and performance can also only benefit the sector.’
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Group PR Manager, JLT Group
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NOTES TO EDITORS:
The full CMA report is available here.
About Jardine Lloyd Thompson
Jardine Lloyd Thompson is one of the world’s leading providers of insurance, reinsurance and employee benefits related advice, brokerage and associated services. JLT’s client proposition is built upon its deep specialist knowledge, client advocacy, tailored advice and service excellence.
JLT is quoted on the London Stock Exchange and owns offices in more than 40 territories with over 10,000 employees.
About JLT Employee Benefits
JLT Employee Benefits is one of the UK’s leading employee benefit providers offering a wide range of benefit and pension services, including administration, actuarial and pension consultancy, investment, Self Invested Personal Pensions (SIPPs) and Small Self Administered Schemes (SSASs) administration, flexible benefits, healthcare, benefit communication and financial education.
Pensions and employee benefits companies within the JLT Employee Benefits group of companies include: JLT Benefit Solutions Ltd, Profund Solutions Limited, JLT Wealth Management Limited, JLT Investment Management Limited and Independent Trustee Services Limited. JLT Employee Benefits is part of Jardine Lloyd Thompson Group plc