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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)
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