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LONDON, Sept 14 (Reuters) - Britain's markets watchdog said on Thursday it has serious concerns about the investment consultancy sector which it had asked the country's competition authorities to investigate.
The Financial Conduct Authority said it was the first time it has referred a case to the Competition and Markets Authority, and the initiative was part of broader efforts by the FCA to improve value for money and transparency in the asset management industry.
Concerns - Market - CMA - Work - Christopher
"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.
Aon, Mercer and Willis Towers Watson dominate the sector, advising pension schemes, charities and endowment funds on their investment arrangements.
Market - Share - Percent - FCA
The three have a combined market share of 50-80 percent, the FCA said.
Pension trustees were relying heavily on investment consultants, but had limited ability to assess the quality of their advice or compare services, the watchdog added.
Regulator - Barriers - Consultants - Market - Share
The regulator said it was also concerned about barriers restricting smaller, newer consultants from taking market share, and that...
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Sorry Mr. Franklin, we couldn't keep it.