The FCA is reviewing Mifid IIfollowing criticisms that millions of savers are being provided with misleading or false information, The Financial Times reports.

Speaking at the FCA’s asset management conference in London on Tuesday, chief executive Andrew Bailey said introducing some aspects of Mifid II had “not gone as we hoped it would and as we wanted it to”.

Bailey said the FCA is currently analysing how costs and charges disclosure reforms were working.

Asset managers will be invited by the regulator to provide their input in July.

Reiterating the comments he made last month, Bailey also said he was concerned about performance projections under Priips rules.

The Investment Association and adviser trade body Pimfa have both called for reviews of Priips rules, in particular the new Key Information Documents issued to investors.