The UK’s investment consultants, key advisers to pension funds worth £1.6tn, will face compulsory public tenders for certain services and more stringent disclosure rules, the UK’s competition watchdog has ruled — but the industry escaped more serious censure.

The UK’s Competition and Markets Authority, which has been investigating the investment consulting market since September, published its provisional report on the sector on July 18. It found several “competition problems”, particularly in the growing market for fiduciary management.