The Financial Conduct Authority has published a long-awaited interim review of the UK’s £500bn market retail fund platforms, claiming competition is “not working as well as it should do” for some investors.

In Monday’s report, the FCA said it could be forced to introduce measures to improve the disclosure of costs and charges on retail fund platforms — which include those run by Hargreaves Lansdown and Fidelity — to help drive competition between asset managers.