Andrew Bailey, the chief executive of the Financial Conduct Authority, has joined calls for Neil Woodford to “consider” waiving the fees charged on his suspended equity income fund, ratcheting up the pressure on the crisis-hit fund manager.

Woodford should “consider very seriously his position”, on his estimated £100,000 a day fund fees, Bailey said in a June 11 interview on BBC Radio 4’s Today programme. Referring to an earlier call from Nicky Morgan, chair of parliament’s Treasury committee, Bailey added: “Nicky Morgan used the word ‘gesture’, well, you can use whatever word you like.”