There is little doubt that in 2018 the FCA’s call centre was in a mess. Demoralised, poorly trained staff were inundated with a barrage of calls from consumers, some of them angry and abusive, even racist and homophobic.

Monday saw a grilling of Andrew Bailey, former CEO of the FCA, by Treasury Committee MPs regarding missed opportunities for the early detection of problems at the failed mini-bond provider London Capital & Finance. 

Shortcomings at the FCA call centre meant the watchdog failed to take early action on the failed mini-bond firm London Capital & Finance (LCF) despite over 600 calls from worried clients.

Bank of England Governor Andrew Bailey, former CEO of the FCA, is due to be grilled today by MPs about regulation of the £236m failed mini-bond firm London Capital & Finance.