The Treasury Committee has called for a change in culture at the Financial Conduct Authority (FCA) in order to protect consumers and financial markets in its report into the regulator’s handing of London Capital and Finance (LCF).

The FCA has confirmed that it has begun an investigation into events leading up to the suspension of the Woodford Equity Income Fund (WEIF).

The FCA has written to the chair of the Commons Treasury Committee explaining its actions over the collapse of £236m mini-bond firm London Capital and Finance (LCF).

The current level of funding and the financial structure of FOS will have to change, FCA chairman Charles Randell told the Treasure Committee today.