The Competition and Markets Authority is proposing a raft of reforms to the pensions investment consultancy and fiduciary management sector after identifying substantial concerns about lack of competition.

The FCA has today revealed new measures it will take to protect consumers and sets out when and how the organisation will take action. 

The FCA says it plans to shake up the £500bn investment platform market to boost competition after concerns about how platforms compete with each other and for customers.

The FCA, alongside the Bank of England and Prudential Regulation Authority, has published a joint discussion paper on the resilience of firms in the face of hackers and cyber-attacks.