Michael Johnson, the former investment banker turned policy expert, has delivered a fresh broadside against the investment industry in the wake of the Financial Conduct Authority's market review – claiming it shows 80% of fund managers are redundant.

Johnson, who works for the Centre for Policy Studies - the think-tank founded by former Prime Minister Margaret Thatcher - wrote in a note on Monday 28 that the FCA's report provided "robust, independent and damning evidence" that "skewers any justification that active fund management of listed assets is worth the candle".