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IC Select launches Fiduciary Management re-tendering solution
Press Release:IC Select launches Fiduciary Management re-tendering solution
Edinburgh, 11th June 2020 – IC Select, the independent specialist fiduciary management selection and oversight firm, has launched a three-tiered solution to help trustees who are required to re-tender before the CMA deadline of 10 June 2021
Managing cost, resource allocation and, critically, the proportionate time to be allocated to this task will be paramount. Additions to these challenges arise when access to unbiased and accurate information is cumbersome and hard to find.
IC-Select is responding to this predicament with a three-tiered solution, to help trustees overcome these important dilemmas in the most efficient way possible. The most appropriate solution for each trustee board will depend on how comfortable they are with their current fiduciary manager and how likely they will be to change to a new provider following a tender process.
The first tier allows those trustees boards happy with their current fiduciary manager to minimise the cost and resource required for a re-tender, but still achieve compliance with the CMA’s requirements. Trustee that would like to challenge their fiduciary manager’s approach to a greater extent but believe it unlikely they will change, would use the second-tier service. The top tier enables a much more in-depth review and is appropriate for those trustee boards who wish to carry out a full market review of their fiduciary manager, after all you don’t know what you don’t know.
All three tender solutions are underpinned by IC Select’s market leading fiduciary management research which rates fiduciary managers according to the nine value-creating functions of fiduciary management.
This new three-tier approach is supported by an assessment of the performance and costs of the incumbent manager to give confidence to trustees on the suitability of their existing manager. All three tiers have been re-engineered to allow trustees to complete the process whilst adhering to Covid-19 related restrictions so that trustees can meet the deadline a little over a year from now.
Peter Dorward, managing director said “This IC Select initiative arises from growth in demand for a more streamlined re-tender service from trustee boards who are very happy with their current provider and don’t expect to change. Clearly, these boards should follow a more light touch process that still meets their legal responsibility under the new rules than those seeking to change provider.
We see no sign of the CMA moving the initial deadline for completion of tenders from June next year. With the clock ticking, those trustees required to re-tender should not delay in starting the process. This is why we have ensured that all re-tenders can be completed during the Covid-19 restrictions so that trustees can avoid being caught in a scramble to achieve compliance at the start of 2021“.
For further information please contact:
0131 344 4462
0131 344 4463
Notes to Editors:
IC Select specialises in helping pension funds select, monitor and review investment consultants and fiduciary managers. The firm's assessment capabilities leverage its unique positioning:
- wholly independent
- free of conflicts
- research led
- focused on assessment from an investors' and investment perspective
As a result, trustees can be more confident in the quality of their investment decisions and are able to enhance their scheme governance.