In a world of high funding levels, who is grading your Fiduciary?

In a world of high funding levels, who is grading your Fiduciary?

02 Feb 2026

The case for independent evaluation - five reasons why trustees should have oversight of their fiduciary managers

Despite clear regulatory signals, only around one third of UK pension schemes using fiduciary management commission ongoing independent oversight — this has remained stubbornly low despite the emphasis The Pensions Regulator (TPR) and the Competition & Markets Authority (CMA) place on strong governance and independent assessment. Without independent oversight, clients are reliant on their fiduciary to provide information on how they are performing, often without challenge or wider sight of what others are doing. Most people wouldn’t let students mark their own homework, but it appears the industry is comfortable to let fiduciary managers do it.

So why is the use of independent oversight so low? Typical objections and challenges to third party oversight include cost, perceived lack of value, reliance on independent trustees, reduced perceived need for low risk portfolios, and confidence that the fiduciary manager is “doing a good job.” This briefing note addresses these points — and argues that oversight providers themselves are part of the solution, and must improve accessibility, impact and outcomes.

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