The UK's markets watchdog has dismissed claims its latest regulatory overhaul will leave the country's fund managers at a competitive disadvantage as the City navigates Brexit.

Among ambitious industry reforms announced on June 28, the Financial Conduct Authority recommended the UK’s £7tn fund sector introduce a single, all-in-fee to include trading costs, make it easier for investors to move into cheaper funds, and stop receiving box profits, an extra source of income that cuts into investors' returns.