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.

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.

Female fund managers are punching above their weight in the performance tables, new analysis suggests.