The UK's three largest investment consultants have put their heads together to try to stave off a referral to the Competition and Markets Authority - threatened by the City's watchdog in its recent review of the asset management sector.

Aon Hewitt, Mercer and Willis Towers Watson said in a joint statement on February 24 that they have submitted a package of "undertakings in lieu" to the Financial Conduct Authority in a bid to provide an alternative solution to the referral.