The latest Register of Members’ Financial Interests revealed the cash was given to Mr Mercer from Crucial Academy, a company ultimately funded by Surge Financial Ltd.

It showed the MP for Plymouth Moorview was getting £85,000 a year for 20 hours a month as a non-executive director.

Surge took 25% commission for marketing bonds by London Capital and Finance (LCF), which slumped into administration in January.

Mr Mercer’s entry in the register read: “From 14 Sept 2018 until further notice, non-executive director of Crucial Academy Ltd, One Canada Square, Canary Wharf, London E14 5AB, for which I will receive £85,000 per annum. Hours: 20 hrs a month. (Registered 18 September 2018).”

The BBC quoted victims of the collapse of LCF who had called on the Conservative MP to quit.

These included Amanda Cunningham who said: “Politicians are there for the people, and Johnny Mercer is not thinking about the people.

“The best thing for him to do would be resign – or give that money back.”

Another victim, John Wright, was said to have invested £36,000 of his wife's money into LCF.

He also said the MP should stand down and added: “He's involved with a company like Surge, which took a quarter of my money for putting adverts on the web recommending LCF as their top buy.”

Mr Mercer had previous said he had “received rigorous assurances that no money whatsoever had gone from LCF into Crucial Academy”.

Last month the Serious Fraud Office revealed there had been four arrests in connection with LCF's collapse.