Fiduciary management update – on the 10th day of… December!

With effect from 10 December 2019, Trustees will be required to set strategic objectives for both the fiduciary manager (providing investment advice) and, if applicable, a third party evaluator (providing fiduciary oversight services).

This is a new requirement brought in by the Competition and Markets Authority’s (“CMA”) investigation into the investment consultancy market, with the aim for Trustees to better assess and evaluate the quality of their investment advisors.

What do I need to do?

By the 10th of December you may have begun your Christmas shopping and if like me, eaten your 12th advent calendar chocolate, but you also need to ensure that you have this framework in place.

The setting and reporting compliance of any strategic objectives is the responsibility of the Trustees. By the 10th of December 2019 you need to have a framework in place to make a future assessment (but you don’t need to evaluate anything by this point).

If you need any help establishing this framework or understanding the implications for you in greater detail then please get in touch with me or one of the KPMG fiduciary management team.