The U.K. Competition and Markets Authority has published an updated working paper on its "market outcomes" analysis, following responses to its July 2018 consultation on its Provisional Decision Report on its Market Investigation into the supply and acquisition of investment consultancy services and fiduciary management services.

The updated analysis covers: (a) gains from engagement—the impact of engagement on the fees paid by fiduciary management and investment consultancy customers; and (b) the relationship between quality and market success—the relationship between quality of service and market shares for a sample of investment consultancy firms. The CMA has also published a final notice of its intention to operate a confidentiality ring in respect of specified data submitted by respondents to the Provisional Decision Report. Access to the confidentiality ring will be granted to a limited number of approved external legal and/or economic advisers of certain parties. The confidentiality ring will operate from 9:30am on October 29, 2018 until 5:00pm on November 5, 2018.

Comments on the updated working paper are invited by November 5, 2018. While the statutory deadline for conclusion of the investigation is March 13, 2019, the CMA intends to publish its Final Report on the investigation in December 2018.

View the updated working paper on market outcomes.

View the final notice of intention to operate a confidentiality ring.

View details of the July 2018 consultation on the provisional decision report.