The UK financial regulator has demanded that companies managing money on behalf of millions of UK workplace pension savers will have to disclose hidden charges that cut into retirement savings, ignoring pleas from the fund management industry to scrap the move.

In a policy statement, the Financial Conduct Authority said that after receiving 43 responses to a consultation launched in October last year from fund managers and others within the pensions community, it had decided to forge ahead with 12 regulatory demands on disclosure.