Financial Conduct Authority chief executive Andrew Bailey has said that the regulator will push ahead with its plans to shake up the fund management sector to give investors better value for money.

The People’s Investment Trust, the new investment vehicle created by former Investment Association chief executive Daniel Godferey, has halted its launch plans after fund-raising efforts produced insufficient money to get the project off the ground.

The chair of the Investment Association has been hired by Legal & General Investment Management.

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.