Wealth managers and fund managers are the most likely financial services firms to recover swiftly post-lockdown, according to predictions from a City adviser and research company.

FCA chief executive Andrew Bailey says the MiFID II changes are saving investors £180m a year and could save them up to £1bn over 5 years.

The Investment Association, the fund managers’ trade body, is calling for an early review of the Key Information document (KID) following the FCA’s statement yesterday about product performance scenarios.

Ratings agency Moody’s has warned that the FCA’s review of the value of active fund management could hit fund managers profits if major reform takes place.