DWP legislation integrating CMA Order to apply from October 1, 2022

Since December 10, 2019, trustees have been complying with the Consumer and Markets Authority’s Investment Consultancy and Fiduciary Management Market Investigation Order 2019, which sets expectations in relation to setting objectives for investment consultants and undertaking tender processes for fiduciary management providers.

Following its 2019 consultation on the CMA Order, the Department for Work and Pensions has now published its response and has laid before Parliament the regulations which will integrate the Order into existing pensions legislation and move oversight of compliance from the CMA to the Pensions Regulator from October 1, 2022.

Trustees will be pleased to note that the DWP’s regulations largely replicate the current Order although there is a widening of scope in some areas - our June Briefing provides a more detailed breakdown of the changes and how the new regulations will apply to trustees from October.