The in-house team that had been responsible for running 63% of the assets in Lafarge’s £2.6 billion UK pension plan is longer authorised by the Financial Conduct Authority, it has emerged.

Head of UK pension investment Ashley Gray and chief investment manager Richard Bassford ceased to be authorised by the FCA on Monday July 29, 2013 and the investment company - Lafarge Investment Management - is no longer permitted to conduct regulated activities.