The Investment Association, the fund managers’ trade body, is to join IOSCO, the global body for regulators and securities commissions, as an affiliate member.

Funds were hit by a record £25.7bn in outflows in 2022 as frightened investors withdrew their money, according to a leading investment trade body.

UK investors pumped £389m into retail funds in November but it was only the second month of positive net retail inflows in 2022.