The chief executive of Schroders, the UK-listed asset manager, has criticised Europe's financial regulators over their handling of new legislation designed to increase transparency for investors, claiming watchdogs have “completely messed it up”.

Peter Harrison, who has overseen the £449bn asset manager since April 2016, said the introduction of rules covering packaged retail investment and insurance products — known as Priips — has damaged trust in the asset management sector and come at a huge financial expense to his firm.