ukBritain’s competitions watchdog will look into the advice given by consultants to pension schemes and other institutions managing over 1.6 trillion pounds of funds, to see if there are conflicts of interest, it said on Thursday.

The Competition and Markets Authority (CMA) will assess whether investment consultants offer a poor level of service and whether difficulties comparing and switching consultants provide little incentive for them to compete for customers.

In addition, it will investigate if there are barriers to entry into the investment consultancy sector, it said in a statement providing more detail on the probe it launched last week.