Hedge fund consultancy Albourne Partners is warning that a proposed voluntary code of conduct for the industry does not go far enough.

In a letter to the Hedge Fund Working Group last month, Albourne said “additional standards” were required to ensure compliance. “It is imperative that the industry accepts that times have changed and their responsibilities to investors have as well,” the firm wrote.

The Working Group consists of 14 top London hedge fund managers working together to produce a voluntary code under the leadership of former Bank of England deputy governor Andrew Large.

Among the changes in industry practice Albourne called for were improved governance, more non-executive directors, improved disclosure, particularly in prospectuses, and limiting the “arbitrary power” of the manager.