Fintel, the fintech which owns SimplyBiz and Defaqto, has signed up fund managers Premier Miton and Carmignac to join the investment firms using its managed distribution service launched earlier this year.

The Financial Conduct Authority (FCA) said its review of fund managers found that most were falling short on assessing the value of their funds.

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.