Reactions from the City to the Financial Conduct Authority's sweeping review of the asset management industry were both varied and interesting this morning, with everyone from equity analysts to business consultants – and not least fund managers themselves, of course – keen to weigh in.

Most were pretty positive about the spotlight thrown on fund managers' fees and transparency. The People's Trust's Daniel Godfrey, the former chief executive of the Investment Association, described it as a "combination of sunlight and governance remedies" that will "make the industry more Darwinian in the interests of consumers".