London - Britain's financial watchdog expects to launch a competition probe into the country's £5.4trn asset management industry to see whether customers are being overcharged.
The Financial Conduct Authority flagged its intention on Thursday after announcing it was going ahead with a similar probe into investment and corporate banking services following a broad market review.
Despite many competing asset management firms and low barriers to entry into the industry, average profitability is high in the sector which earns £13bn in fees annually.