'MPS achieves same goals as bespoke solutions but at a lower cost'

Osborne argued bespoke solutions meet the needs of all clients of a number of clients. 

He added: “A bespoke solution will be able to accommodate the requirements of advisers' clients and can work in tandem with their advice. 

“While I do believe MPS will grow as more advisers outsource solutions it will not take away from bespoke solutions.

“I believe clients value flexibility, a personalised service, access to the purest investment themes and these needs will continue to be met by bespoke solutions.”

alina.khan@ft.com