Assets managed on a fiduciary basis – where a consultant can make investment decisions for a pension fund – have soared by £30 billion in 12 months, a rise of 42% to £102 billion, according to a survey. The surge will ensure regulators’ focus stays on the phenomenon, which critics believe creates conflicts of interest.

The data, covering the year to June, is sourced from KPMG's annual survey of the sector. It comes just days after the Financial Conduct Authority started its probe into asset management, which will look into the role of consultants, including their fiduciary approach.