The City watchdog has put forward plans for a shake-up of the £7 trillion asset management industry to ensure investors get a better deal

The City watchdog has put forward plans for a shake-up of the £7 trillion asset management industry to ensure investors get a better deal. To remedy this situation, the Financial Conduct Authority has proposed a single fee for investors in funds in the world's second largest asset management market but has stopped short of recommending a cap on fees. The Competition and Markets Authority, which has published the interim findings of its market study, found weak price competition in some areas, a lack of transparency, potential conflicts of interest and sustained profitability among asset managers, despite a large number of companies in the space. We got a reaction on the findings, Mark Pugh, PwC's UK asset management leader.