The United Kingdom’s £3.9 trillion asset management industry faces a wave of regulation that could have a far-reaching effect on investor returns, says Richard Saunders, chief executive of the Investment Management Association.

“The regulators, the G20, the European regulators are currently re-making the world after the credit crisis,” Saunders says. “And we are facing … for example, the industry is gonna have to deal with, in the next eight months, 17 different European directives which will impact its work directly.”

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