City power couple Gina and Alan Miller have called for the chief executive of the Financial Conduct Authority, Andrew Bailey, to “regulate or resign” over a failure to enforce rules on costs and charges on UK fund managers.

The Millers claim the UK regulator is “turning a blind eye” to regulations under the European Union's revised Markets in Financial Instruments Directive that require providers and distributors of investment products to disclose costs and charges to consumers on a website or in a single document.