The Financial Conduct Authority (FCA) has hired former Investment Association chief executive Daniel Godfrey as a consultant as it gets ready to produce a report on value for money in the UK fund management industry, according to trade news reports.

The Investment Association (IA) is the powerful trade group for the Scottish and UK fund management industry.

Godfrey left the IA amid news reports that major fund management companies were unhappy with his pro-consumer management style, claiming he made the IA more like a regulator than a pro-trade group.

The IA represents more than 200 companies that manage more than £5 trillion of assets.