The Association of Investment Companies, a trade body for closed-end fund managers, has put it to UK regulators that continuing to allow offshore and onshore funds to list in London under separate sets of rules will pose "unacceptable risks" to investors and damage the health of the sector. The stark warning comes as a consultation period on the issue ends today.

The broadside is the latest in a string of public warnings about the current listing regime and its risks for investors and the financial markets in London.