The Financial Conduct Authority's review of the asset management market contained some stinging critiques of the industry, and some good progressive remedies to put them right. So why did it feel a bit like a pulled punch?

At the launch briefing on Wednesday, FCA chief executive Andrew Bailey and his executive director of strategy Chris Woolard were fending off questions about whether the effort would really achieve much. "This is a major piece of work and I think it will be of benefit to savers in this country," Bailey protested.