Rightly or wrongly, he has chosen not to impose a fee structure on the managers that would align their interests more closely with shareholders.

The insurer said it could also impose the fee on customers who move into income drawdown, but don't take all the taxfree cash they are entitled to.

The problem has become so severe that local authorities are considering imposing a fee to reduce the number of climbers and offset the cost of removing their litter and waste.

Even smaller banks, exempt from the reduction in swipe fees, are complaining that leaving them with higher fees while imposing a fee reduction on bigger banks will make them uncompetitive.

The surcharge was discriminatory to outside states because it imposed a fee three times greater than that imposed on in-state waste.