Most asset management firms in the UK are failing to provide retail investors with clear "all-in" figures on fund charges, a Financial Conduct Authority review has suggested - and the industry's trade body has called on its members to overhaul their pricing as a result.

In its review the FCA looked at charges at 11 unnamed firms, including "mainstream asset managers" as well as banks, insurers and wealth managers. Between them the 11 have £131 billion under management and account for 29% of all the funds managed in the UK's retail market.