Providers of investor services outsourcing are unsophisticated and inflexible, according to a lawyer who specialises in outsourcing contracts.

Andrew Moyle, a partner at Latham & Watkins, the law firm, said: "I am always surprised at the lack of sophistication of the outsourcing contracts in this industry. In other areas, such as with outsourcing IT or other areas of business process outsourcing, the agreements put forward by suppliers are typically far more robust and balanced from a customer's perspective."