LONDON (Reuters) – Britain’s markets watchdog said it has asked the UK competition authorities to conduct a study into investment consultants, saying it has serious concerns about the sector.
It is the first time the Financial Conduct Authority has referred a case to the Competition and Markets Authority.
“We have serious concerns about this market and believe that the CMA is best placed to undertake this work,” Christopher Woolard, the FCA’s executive director of strategy and competition, said in a statement on Thursday.
Consultants like Aon, Mercer and Willis Towers Watson advise pension schemes and others on their investment arrangements.
(Reporting by Huw Jones)