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Investment consultants fight compulsory tenders in competition review

Pension funds should not be forced to pick new advisers every couple of years, argue the advisers — and they have won some surprising allies

Investment consultants fight compulsory tenders in competition review
Photo: iStockphoto

Investment consultants have come out fighting against proposals from the UK's competition authorities to subject them to regular re-tenders for their business — and they have won some surprising allies.

The consultants, who advise UK pension funds worth £1.6tn, were referred to the Competition and Markets Authority in September after the Financial Conduct Authority expressed "serious concerns" about competition for the service.

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