Local Government Pension Scheme funds will be obliged to set strategic objectives for investment consultants, according to the LGPS Advisory Board.
In an updated briefing this week, the board said it understands that the requirement will be imposed, despite confusion over whether new rules issued by the Competition and Markets Authority would apply to the scheme.
But the board said it was awaiting clarification on whether the rules will extend to advice on strategic asset allocation.
A new rule that funds must set strategic objectives for investment consultants will apply to the LGPS, the boards said.
