LONDON (18 November 2016) – Aon Hewitt, the global talent, retirement and health solutions business of Aon plc (NYSE:AON), has responded to the Financial Conduct Authority (FCA) Asset Management Market Study interim report issued this morning.
Tim Giles, senior partner and head of UK Investment Consulting Practice at Aon Hewitt, said:
“We welcome the FCA’s interim report as a balanced response to improve competition within the asset management market and we will be happy to engage with them as the process continues.
“Throughout our submissions to the FCA we have supported greater transparency in the presentation of costs in asset management.
“As regards the sections specifically related to investment consultants, we would say that Aon Hewitt’s Investment Consulting services exist to improve outcomes for our clients and we can demonstrate how we do this. Therefore, anything that encourages competition to ensure investment advice delivering better outcomes has our wholehearted support.”
Tim Giles continued:
“All providers and decision makers in the market have potential conflicts. Our relationships are built on trust so we take all possible steps to understand our clients’ needs and to manage our potential conflicts. We firmly believe that all advisers should be transparent in their approach to managing conflicts. We are, and we note that the FCA has not found any evidence of failure to manage potential conflicts.
“On the issue of competition in the advisory market, it is clear that we represent a large part of it – but that is because clients have decided to work with us as they recognise that our size provides the range of services and choice that may not be available elsewhere. Our clients choose between us and a wide range of competitors in the market.”
For further information please contact:
Colin Mayes Marina Jane Sanchez
Aon Hewitt CNC
01372 733689 020 3219 8811
Notes to Editors
Aon plc (NYSE:AON) is a leading global provider of risk management, insurance brokerage and reinsurance brokerage, and human resources solutions and outsourcing services. Through its more than 72,000 colleagues worldwide, Aon unites to empower results for clients in over 120 countries via innovative risk and people solutions. For further information on our capabilities and to learn how we empower results for clients, please visit: http://aon.mediaroom.com.
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