Momentum is growing for a groundbreaking disclosure standard that would, for the first time, lay bare the hidden costs of asset management.

The Investment Association, which represents members looking after £5.5 trillion, will by the end of June announce an independent taskforce to develop the standard, according to Jonathan Lipkin, director of public policy. He said it would work with Chris Sier, a long-time campaigner against hidden fees and founder of the Transparency Task Force, a lobby group of industry executives.