Gina and Alan Miller, the campaigning husband-and-wife duo known for their regular broadsides against the funds industry, have taken aim at the City’s regulator for “failing” to enforce new European Union rules on fee disclosures.

The pair, who run wealth management boutique SCM Direct, argue that wealth managers should disclose their total costs and charges to prospective customers, via public disclosures, as well as to existing clients. SCM does so on its website.