Few things baffle Patrick McCoy more than the intense loyalty of pension scheme trustees to their investment consultants – and he is a consultant himself. But McCoy, head of investment advisory services at KPMG’s pensions arm, is more critical of trustees letting consultants become fiduciary advisers, making decisions on their behalf, without a tender process.

He said: "I cannot understand how it can be good governance for trustees to appoint a fiduciary manager without undertaking suitable due diligence."