The Investment Association’s monthly statistics of UK investor behaviour in May 2018 showed outflows from UK equity funds reached £1.2bn in May.

The Government should create a new, single authority with the power to punish negligent directors, according to the Investment Association.

The Investment Association, the body which represents most UK fund managers, says it will “engage closely” with the FCA over the coming weeks on the FCA interim report published today which criticises weak competition in the fund management sector.