Chris Sier, the transparency campaigner who is driving improved disclosure of fund managers’ fees, has said he hopes enough companies have taken measures to avoid the need for government action.

His comments come as the Cost Transparency Initiative, the industry self-regulatory body taking forward the push for fee transparency, officially launched its new service on May 21. It has published a suite of standards and IT tools designed to let asset managers report all their fees and costs to pension funds in a single, standardised format.