The Financial Conduct Authority (FCA) has announced that it will begin a review of the scope and coverage of Financial Service Compensation Scheme (FSCS).

The FCA and other regulators may set diversity targets in future for regulated firms.

The FCA is to consult on introducing a new type of open-ended fund which invests in long-term illiquid assets.

The FCA has scrapped performance-related pay and bonuses for senior FCA executives and is to cut average salaries for executive committee members this year following the £236m collapse of mini-bond provider London Capital & Finance.