The Financial Conduct Authority has censured collapsed £237m mini-bond provider London Capital & Finance (LCF) for unfair and misleading financial promotions.

The High Court has wound up seven companies run from an office in Mayfair after an investigation found that their marketing of high-risk mini-bonds was misleading.

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).

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.