Fund members have expressed concern over Aon’s appointment as trustee after it was revealed that the company already acts as brokers for KPMG’s professional indemnity insurance. They feel that this relationship may affect the trustee’s independence when making key decisions about the fund.
KPMG hired Aon Trust Corporation after it dismissed Capita Trustee Services in January. Previously, Capita had asked KPMG to fill a £60m gap in the employee pension fund and was rebuffed.
Staff fear Aon’s connections with KPMG may make them more sympathetic to the firm’s position on key matters to do with the fund.
One fund member said: ‘It stinks. I doubt whether the trustees can truly act in the interests of fund members if it has other business with KPMG.’
A spokeswoman for KPMG said: ‘There is no conflict of interest here. We buy two completely different types of professional services from Aon and the arms that deal with these services are very separate. Also Aon only brokers our insurance rather than actually providing the insurance itself.’
Revenue and profitability growth in on the rise for CPA firms, found a survey from the American Institute of CPA’s and its subsidiary CPA.com
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Carter Backer Winter has acquired Edwards Financial Services, expanding its financial planning department
New growth opportunities in Aberdeen, North East Scotland, are being invested in by Grant Thornton