LONDON Feb 24 Investment consultants Mercer
, Aon Hewitt and Willis Towers Watson
said they had banded together to propose market changes that
help them avoid a competition review by Britain's regulator, but
released no details.
The industry, which advises pension schemes and other
investors on where to put their money, was singled out for
particularly tough criticism by the Financial Conduct Authority
in its interim review into the asset management sector.
Among the main concerns raised by the regulator was a
potential conflict of interest given some of the larger
consultants now run money in their own funds, as well as suggest
In a joint statement on Friday, the three consultants said
they had worked with their lawyers to draft a series of
'undertakings in lieu' that would address the FCA's concerns and
forestall an investigation by the Competition and Markets
The consultants gave no details about the package of reforms
put forward to the FCA.
(Reporting by Simon Jessop; editing by Carolyn Cohn)