Charles Randell, the chair of the Financial Conduct Authority, heaped praise on the late index-funds king Jack Bogle in his address to UK fund managers’ annual gathering. He also warned that the UK financial regulator is considering further steps on fund fees and value for money.

Randell, who took over as FCA chair last April, told the fund managers at the Investment Association’s annual dinner on October 10 that “customers — the providers of capital to your funds — need a fair return. In the Asset Management Market Study we found, as a general rule, that the higher the charge, the lower the return.”