On September 14, the UK’s Financial Conduct Authority (FCA) confirmed that it was making a Market Investigation Reference (MIR) to the Competition and Markets Authority (CMA) in relation to services for investment consultancy and fiduciary management.  This is the first time the FCA, which has significant numbers of competition lawyers within its ranks, has exercised its power to make a reference to the CMA.

Please see our client alert, in which we look at the background to the action and the scope of the MIR, and outline the potential industry impact on investment consultants and fiduciary management firms.