Lobby groups representing the hedge fund and private equity industries are trying to get the ear of the Financial Conduct Authority after signs that they will be caught up in the UK watchdog's reforms of the broader investment market – despite their members not being asked to contribute directly to its review.

"All of the alternatives industry is looking to understand what happens next," said Gurpreet Manku, director of policy at the British Private Equity and Venture Capital Association (BVCA), which has 600 members. The BVCA has written to the regulator in the wake of its landmark asset management review, pushing for a seat on a new working group looking at fee disclosures.