The UK's market regulator, the Financial Conduct Authority, has said it may follow up a planned wholesale review of investment banking with another focusing on fund management – and include scrutiny of investment consultants for the first time.

The FCA began looking into whether wholesale financial markets in general are competitive enough in July last year, and it has been taking views from the City over the months since. Today, it published some of the feedback it has received, and where it wants to take its investigations next.