LONDON (18 July 2018) – Aon, the leading global professional services firm providing a broad range of risk, retirement and health solutions, has commented on the initial findings of the Competition and Markets Authority (CMA) report on its market investigation of investment consultants.
Tim Giles, head of Investment for UK & Ireland at Aon, said:
“Our key focus is on our clients and their best interests and we believe that the transparency and consistency of performance and fee reporting is a positive step forward to help trustees increase the security of pension scheme members’ benefits.
“We support competition at the point of entry into fiduciary but will work with the CMA to ensure that the approach to tendering is done in a proportionate way and without any unintended consequences for pension schemes.”
Andy Cox, Global Business Officer and head of EMEA/APAC, Investment, at Aon, said:
“We are not surprised that the CMA has found a competitive market within the investment consulting industry and low barriers to entry. We do not believe that the CMA has presented sufficient evidence to show any adverse effect on competition, nor do we recognise low levels of engagement among our trustee clients. Despite these concerns, the CMA has come forward with provisional remedies and recommendations that we support in principle.
“Aon will continue to engage with the CMA to ensure that our clients’ best interests are at the forefront of the CMA’s Final Report.”
Notes to editors
Aon plc (NYSE:AON) is a leading global professional services firm providing a broad range of risk, retirement and health solutions. Our 50,000 colleagues in 120 countries empower results for clients by using proprietary data and analytics to deliver insights that reduce volatility and improve performance.
Aon announced in May 2018 it will retire the business unit brands of Aon Benfield and Aon Risk Solutions, which follows the retirement of the Aon Hewitt business unit brand in 2017. This move was designed to increase the rate of innovation across the firm and make it easier for colleagues to work together to bring the best of Aon to clients. Aon has five specific global solution lines: Commercial Risk Solutions, Reinsurance Solutions, Retirement Solutions, Health Solutions and Data & Analytic Services.
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