How useful is fiduciary management as schemes become better funded?

Fiduciary management (FM) made its way into the UK market in the 2000s and has stayed since, with 15-20% of schemes currently implementing it. There were three reasons why this approach was initially adopted; deficit recovery, de-risking and help with governance. Since originally implementing FM, some schemes are now well-funded, with their focus now less on returns and strategies. Experts argue that these no-longer require an FM approach, with analysts also criticising its inflexible nature and managers' slow reaction to scheme circumstances. A move towards an advisory approach would also save...