UK Fiduciary Managers warn CMA deadline fast approaching
Zoya Malik 1 June 2021
ollowing XPS Pension Group’s FM Watch 2020 report, the pensions consultancy had released further research examining schemes’ plans to re-tender their FM services ahead of the CMA’s deadline on 9th June.
Over 20 Fiduciary managers across the industry reported only 248 schemes that needed re-tendering, in stark contrast to the CMA’s estimate of up to 500 schemes. XPS’ report has revealed that out of the CMA’s estimated 500 schemes up to 100 have moved back to an advisory relationship with the remainder (mainly partial mandates) being reclassified as not FM or not required to adhere to the CMA order.
Of those currently going through a re-tender processes 37% had completed the re-tender, 40% were in progress and 23% were yet to start, as of 16th April 2021. Of those that had already been completed, 81% of schemes retained their existing managers and 19% changed their manager.