On 14 September 2017, the UK Competition and Markets Authority ("CMA") launched a market investigation into investment consultancy and fiduciary management services provided to institutional investors. The investigation was launched pursuant to concerns expressed by the Financial Conduct Authority ("FCA") about the competitive functioning of the asset management industry, which it examined in a market study between November 2015 and October 2016.

A senior competition enforcement official at the FCA said, "It is a significant step for us to make this recommendation. We have serious concerns about this market and believe that the CMA is best placed to undertake this work".
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