Investment managers in the UK are preparing for greater regulatory scrutiny in the next 12 months. But lawyers have warned industry watchdogs not to go too far in their efforts to better police the buyside.

Fines issued to banks in the UK since the global financial crisis dwarf those levied at their buyside counterparts. Investment managers have paid around £66.5 million in financial penalties to UK regulators since 2007, compared to more than £2.8 billion against UK lenders, according to data from regulatory technology firm Enforcd.