The Financial Conduct Authority (FCA) has said it is now a “very different regulator” than it was in 2018, as it defended itself against complaints over its handling of the collapse of payment services provider Premier FX.

The regulator said it is now more assertive, adaptive and innovative than it was in 2018.

A total of 31 consumers complained to the FCA about how it handled the collapse of Premier FX in 2018.

On Friday the FCA said it had upheld, or partially upheld, five of the allegations and issued an apology.

The complaints that were upheld related to the timeliness and accuracy of updates made to the FCA Register, the reauthorization of the firm just prior to its collapse in 2018, and concerns over how information was handled and not actioned.

The FCA said its recent transformation programme has “largely remediated” these issues.

An FCA spokesperson said: “We are very sorry for the mistakes we made prior to the collapse of Premier FX. We are a very different regulator today than we were during the period that these complaints cover. We strive to continuously improve and learn lessons and have been transforming the way in which we operate.

“Complaints, like those received about our regulation of Premier FX, provide a vital source of insight, which have led to improvements to our processes and working practices and has enabled us to become a more assertive, adaptive and innovative regulator.”

An FCA investigation into the circumstances leading to the collapse of Premier FX found serious misconduct perpetrated by the firm and its bankers Barclays. The regulator has since taken enforcement action against Barclays which has repaid the 167 consumers who lost money in Premier FX, with all money repaid by April this year.

The FCA is currently facing building criticism over how it handled a number of firm collapses including mini-bond firms London Capital & Finance (LCF) and Blackmore Bond.

More than 12,300 investors LCF ‘mini-bonds’ faced collective losses of £237m when the firm failed in 2019. The FSCS, which has been running a government-backed compensation scheme, has so far paid over £114m to victims. 

The FCA has faced accusations from the Complaints Commissioner and MPs criticising the regulator’s register’s role in the LCF debacle.

About 2,000 investors lost about £46m when Blackmore Bond collapsed amid allegations of suspect sales tactics and inappropriate payments. A BBC Panorama TV investigation broadcast last week criticised the speed at which the FCA intervened and accused it of a cover-up.