A UK drive to make investment fees more transparent and comparable is negative for fund managers’ business models, according to credit rating agency Moody’s, which expects it to lead to lower revenues across the sector.

On May 21, a new industry body convened by the UK’s Pensions and Lifetime Savings Association, which represents more than 1,300 pension schemes, launched a service that will aim to standardise fund managers’ fee reporting. The initiative, also endorsed by the government, grew out of a Financial Conduct Authority-sanctioned working group chaired by transparency campaigner Chris Sier in 2017-18.