UK’s Pension Fund Institute reports on proposed reforms for selecting and evaluating fund managers:

The proposed remedies, first published in December, will require pension schemes to run a competitive tender before choosing a fiduciary manager for more than 20 per cent of its assets, in order to drive up standards and decrease costs across the industry. Trustees will also be required to set strategic objectives for the scheme, after the watchdog found that “below average” quality firms had higher market shares that “above average” quality firms.

Source: DWP welcomes CMA findings; legislation expected in 2020 – Pensions Age Magazine