European investors have sounded the alarm over the amount, speed and quality of financial regulation being undertaken, claiming too little work had been done on assessing the impact of dozens of rules on such a crucial industry.

A slew of European regulation is being adopted without sufficient attention to how the new rules will all work together, according to the president of the European Fund and Asset Management Association. He has also voiced concern that Brussels wants to be tougher in certain areas than the US and Asia.

Jean-Baptiste de Franssu of Efama, whose members manage €14,000bn ($20,000bn) of assets, said his message to the European Commission and regulators was: “You are going too fast, you are doing too much and the quality of what you are doing isn’t up to the standards we have known in the past.”