Major institutional investment consultants have banded together to respond to the UK regulator’s asset management review, which partly targets the consulting industry.
Aon, Mercer and Willis Towers Watson issued a joint statement this morning to say they had responded in tandem to the Financial Conduct Authority (FCA) asset management interim report – but they are not, at least for now, making their response available.
The FCA review has put pressure on consultants to demonstrate their worth.
The FCA said in its report: “Many institutional investors struggle to monitor and assess the performance of the advice they receive and whether investment consultants are acting in their best interests.”
Also, the FCA said it was consulting on referring the industry to the Competition and Markets Authority.
The joint statement by the three consultants said: “The firms have worked together with their external lawyers to ensure adherence to the requirements of competition law in putting together this package of measures.”
Ed Francis, a regional head of investment at Willis Towers Watson, said: “The UK investment consulting industry has led the way in the development of sophisticated investment approaches over many years. Recognising the importance of the services we provide, and the complex issues they address, we support measures to improve transparency and accountability.”
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