Executive Summary

This Symposium is dedicated to discussing and debating the work that has been undertaken by various parts of the regulatory framework including of the Competition & Market Authority, the Financial Conduct Authority and the Pensions Regulator; as it relates to the Asset Management, Investment Consulting and Fiduciary Management sectors. 

Our overall purpose for the event is to shine a bright light onto these important areas, in keeping with the TTF’s mission to encourage ongoing reform of the financial services sector, so that it serves society better.

As you will no doubt be aware, the CMA, FCA and tPR have been very active in these areas, with a view to fulfilling their statutory duties to protect consumers interests and provide well-governed, free and competitive markets. 

There have been extensive investigations and ground-breaking forensic analysis into the workings of the Asset Management, Investment Consulting and Fiduciary Management sectors. Our symposium represents a great chance to take stock of all the changes that have been introduced and to consider the extent to which they are delivering the improvements that were intended. 

Perhaps the major regulatory interventions have been the FCA’s Asset Management Market Study and the subsequent CMA investigation back in September 2017 and their eventual “Final Remedies”. Of course, TPR have been dealing with some of the direct consequence of the output from both. 

These various regulatory developments represent much more than just an academic or abstract interest to our community; because if they work as intended, they will provide for better outcomes to the people that really matter in our markets – the asset owners, trustees and pension scheme members.

Through the symposium, we’ll be able to consider key questions such as:

• Are we still on track for meaningful reform of the system?
• Have the potential competition problems identified by the FCA and CMA been properly dealt with?
• Are there still reasons to be concerned about conflicts of interest?
• Have the regulators created a level, competitive and open market; or is it in some way skewed?
• To what extent are “the big 4” now dominating market dynamics in the investment consulting and fiduciary management space?
• Will the changes being introduced, fix the “adverse effects on competition” that had been identified?
• How have the various stakeholders dealt with interpreting and executing the regulatory reforms?
• Are we witnessing any unintended consequences?
• Is it definitely too late to impact policymaking in this space?

Furthermore, we’ll be taking a look at two areas where consumers could still be missing out – Scrip dividends and securities lending; prepare to have your eyes opened. 

All in all, this symposium is a “not to be missed” event for anybody keen to stay in touch with the complex market dynamics and the ongoing regulatory interventions in the asset management, investment consulting and fiduciary management space.