Asset managers are steeling themselves for the arrival of a landmark report from the UK financial regulator this week, amid predictions that, of the measures the regulator proposed in a preliminary briefing to keep the industry in check, those tabled will be among the strictest.

The Financial Conduct Authority will deliver its final asset management study along with recommendations to overhaul the UK’s £7tn fund sector on Wednesday, some 18 months after the watchdog first announced its industry probe.