Chris Sier, the man appointed by the UK Financial Conduct Authority to scrutinise the fees charged by fund managers, has apologised to the regulator's chief executive over a newspaper article in which he accused the investment industry of being "arrogant" and resisting change.

In a letter to Andrew Bailey and Chris Cummings, head of fund manager trade body the Investment Association, Sier sought to clarify points made in the article published in The Times on Monday.