Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Investment consultant definition

What does Investment consultant mean? In legal practice, an investment consultant is a professional adviser engaged by pension scheme trustees, charity trustees, corporate sponsors and other institutional investors to advise on investment strategy, asset allocation, and the selection and monitoring of investment managers. The term is descriptive rather than statutory; its scope can, however, involve regulated activities. Across England & Wales, Scotland and Northern Ireland, advice on specific financial instruments or particular funds may amount to “investment advice” or “arranging” under FSMA 2000 and MiFID II, requiring FCA authorisation. Higher‑level strategy or asset‑allocation advice may fall outside the regulatory perimeter. In Ireland, a similar approach...

Appointing investment consultants and fiduciary managers: DWP 2022 regulations, CMA Order interaction, qualifying tenders, investment consultant objectives, exemptions, TPR guidance and enforcement

Published by a LexisNexis Pensions expert

Practice notes

While operating an occupational pension scheme, trustees might decide to bring in an Investment consultant and/or a Fiduciary manager. In contrast to ‘fund managers’, investment consultants and fiduciary managers are not regarded as ‘professional advisers’ for the purposes of pensions legislation. For more detail on the rules about appointing professional advisers, refer to Practice Note: Appointing pension professional advisers and other service providers.

Development of regulatory framework

After a reference from the Financial Conduct Authority (FCA), the Competition and Markets Authority (CMA) investigated investment consultancy services (IC services) and fiduciary management services (FM services) supplied to pension schemes, and issued its final report on 12 December 2018. It concluded that trustee engagement was weak, that clear and comparable information in order to assess value for money was missing, and that clients were nudged by investment consultants towards their own, higher-cost FM offerings, conferring an incumbency advantage. Accordingly, on 10 June 2019, the CMA made the Investment Consultancy and Fiduciary Management Market Investigation Order 2019 (the CMA Order), imposing obligations on trustees of occupational pension schemes (among others) to tackle the issues identified...

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David Everett

Lane Clark and Peacock

David Everett, is the head of the Pensions Research team at LCP. One of his key roles is to analyse and communicate regulatory and professional developments to audiences both within and outside LCP.David has built up many years of experience in the occupational pensions regulatory field covering a broad spectrum including government policy and legislation, particularly that emanating from the Department for Work and Pensions, the Pensions Regulator, the Pension Protection Fund and other compensation schemes, the Pensions Ombudsman and the Courts and the technical and ethical regulation of actuaries through the Financial Reporting Council and the Institute and Faculty of Actuaries respectively.He also assists the ACA in responding to government consultations.He's the editor of LCP's weekly Pensions Bulletin and undertakes other technical writing for the firm....

Web page updated on 21/05/2026

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