Investment manager and activist Gina Miller has criticised the Financial Conduct Authority for failing to prosecute any firms in relation to cost and charges disclosures under MiFID II.

Ms Miller, and her husband Alan Miller, co-founders of wealth manager SCM Direct, said FCA head Andrew Bailey should either “regulate or resign” due to what they say is the FCA turning a blind eye and allowing firms to fragrantly flout the law.

On 15 January, Mr Bailey told the Treasury Select Committee Accountability Hearing that the FCA is yet to take enforcement action against any firm for non-compliance in relation to the disclos...