Publication
Global Asset Management Review: Issue 4
Welcome to the third issue of Global Asset Management Review.
Regulations published to transpose CMA order into pensions law
United Kingdom | Publication | August 2022
On July 19, 2022, the Occupational Pension Schemes (Governance and Registration) (Amendment) Regulations 2022 were published.
As noted in our June briefing, the Regulations essentially replicate the relevant provisions of the Investment Consultancy and Fiduciary Management Market Investigation Order 2019 made by the Competition and Markets Authority to require the trustees of most occupational pension schemes to carry out a tender process for fiduciary management services and to set strategic objectives for their investment consultants.
The Regulations will come into force on October 1, 2022 and will require trustees to report compliance to the Regulator as part of the scheme return process (rather than separately to the CMA, as has been the case since 2019) and introduce powers for the Regulator to enforce compliance by way of third-party and penalty notices where necessary. The Regulator has updated both its guidance on tendering for fiduciary management services and its guidance on objective-setting to reflect the updated requirements.
Partner
Email
lesley.browning@nortonrosefulbright.com
Recent publications
Publication
Tokenisation from pilot to practice: A UK manager’s guide to the FCA’s proposals
The Financial Conduct Authority’s (FCA) October 2025 Consultation, CP25/28 Progressing Fund Tokenisation, takes a clear step towards embedding distributed ledger technology (DLT) in the UK’s authorised fund regime.
Subscribe and stay up to date with the latest legal news, information and events . . .