A pensions giant has asked awkward questions of Scotland’s much-vaunted fund management industry as the Government proposes to make changes to the regulatory regime that could impact millions who are unaware of them. The Government proposes to lift the cap on the charges that fund managers can impose in respect of much of the money held in defined contribution schemes from 0.75 per cent annually. It says this will allow schemes to invest in a wider range of assets, including those managed by private equity funds that it is claimed can support the development of the innovative firms the UK needs.