FCA referral of Investment Consultants to CMA

RNS Number : 7866Q

Xafinity PLC

14 September 2017

 

14 September 2017

Xafinity plc

Xafinity fully supportive of FCA decision to refer Investment Consultants to CMA

Xafinity plc ("Xafinity") notes the announcement today from the FCA that Investment Consultants are to be referred to the CMA. This is in line with our response to their earlier consultation in which we supported the potential referral (see http://www.xafinity.com/c_m_s/posts/view/Xafinity-Consulting/2017/07/28/Xafinity-responds-to-the-FCA-s-consultation).

Ben Gold, Head of Pension Investment at Xafinity, commented: 

 "We fully support the announcement from the FCA today to refer investment consultants to the CMA.

"All industry participants must shape its future, rather than a handful that already dominate the market. We think this will be hugely beneficial to pension schemes and trustees in ensuring the industry and investment markets work effectively, and in the best interests of schemes and their members.

"We look forward to the outcome of the CMA investigation. We hope that it leads to an industry far more focused on helping schemes meet the promises they've made to their members. This requires clear recommendations about how investment consultants can ensure conflicts of interest are avoided, for example in the provision of fiduciary management services.

"We are excited about working with the CMA through their investigation, and sharing our thoughts on how the industry can improve."

ENDS

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Notes to editors:

Xafinity is a UK specialist in pensions actuarial, consulting and administration, providing a wide range of advisory and compliance services to over 550 pension scheme clients. The Company combines expertise, insight and technology to address the needs of both pension trustees and sponsoring companies. The Group has more than 400 employees, with offices in Reading, Leeds, Stirling, Belfast, London and Manchester providing it with access to staff, expertise and clients in geographic locations across the UK.

Xafinity plc floated on the Main Market of the London Stock Exchange on 16 February 2017.

 

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