BlackRock, the world’s largest asset manager, has raised concerns with the UK regulator about proposals to ensure fund investors are getting value for money, arguing that any changes to the status quo on charges need to focus on more than just costs.

The $5.9tn asset manager has responded to a consultation issued by the Financial Conduct Authority in June, in which the regulator set out how it intends to implement some of the proposals put forward in its landmark asset management market study.