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.

The FCA is to implement a package of reforms after accepting the findings of the long-awaited Gloster Report that it failed to adequately protect the 11,625 investors who lost money due to the £236m collapse of mini-bond provider London Capital & Finance.

I was taken aback this week while watching the FCA’s virtual Annual Meeting by the strength of criticism by the FCA of Google and other search engines for failing to stem the tide of bogus financial advertising and the heartache and compensation bills that follow in its wake.

FCA chairman Charles Randell has lambasted scam investment advertising on Google and social media.