LONDON (Reuters) - Investment consultants Mercer (MMC.N), Aon Hewitt (AON.N) and Willis Towers Watson (WLTW.O) 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 external managers.
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 Authority (CMA).
The consultants gave no details about the package of reforms put forward to the FCA.
Reporting by Simon Jessop; editing by Carolyn Cohn