Asset Management Market Study: Final decision to make a Market Investigation Reference (MIR) on investment consultancy services

Market studies First published: Last updated: 14/09/2017

As part of our Asset Management Market Study we have made a final decision to make a market investigation reference on investment consultancy and fiduciary management services and to reject the proposed Undertakings in Lieu (UIL). 

Time line of the decision 

  • November 2016: we published our provisional decision to make a market investigation reference (MIR) of the investment consultancy market to the CMA. 
  • February 2017: the three largest investment consultants (Aon Hewitt, Mercer and Willis Towers Watson) offered undertakings in lieu of a reference. 
  • June 2017: we reached a provisional view to reject the proposed UIL and we consulted, seeking feedback from interested parties, on our provisional view.  

We have now reached a final decision to make a MIR on investment consultancy and fiduciary management services and to reject the UIL. We have set out our reasoning and the final Terms of Reference for the MIR:

Final Decision (PDF)

Next Steps

The Competition and Markets Authority will now begin a market investigation to review how competition is working for investment consultancy and fiduciary management services.

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