The Internet will empower individuals to get a grip on their investment affairs and lead to greater criticism of solutions put forward by managers with large marketing budgets, according to Wikipedia co-founder Jimmy Wales.

Speaking on the first day of the National Association of Pension Funds' annual Investment Conference in Edinburgh, Wales said: "I am attracted to what used to be called investment clubs where, say, 20 people meet and talk about stocks. If a pension fund can foster communities where those things are discussed, they could really empower their members."