The charges on the most expensive tracker funds are 20 times the cost of the cheapest alternative despite identical or near identical performance, according to new research by investment platform AJ Bell.

Independent investment researchers Fitz Partners say the Ongoing Charge Figures (OCF) for typical index trackers have fallen by 27% since 2016.

The rapid rise of index-tracking funds saw a new high in 2019 with more than £18bn invested, double the previous year.

UK equity funds had their best month for net retail sales for six months but there was a trend towards lower volatility funds.