The UK market regulator has backed a set of voluntary, industry-led standards for fund managers to fully disclose the fees they charge pension funds — but the watchdog warned it will “reconsider” the issue  if it is not happy with the industry's progress.

The disclosure standards, drawn up by an industry taskforce convened by transparency campaigner Chris Sier, were sent to the Financial Conduct Authority on Thursday. They will be published in full in the autumn.