The FCA will introduce nine major reforms following publication of the damning Gloster Report into its handling of the £236m collapse of mini-bond provider London Capital & Finance (LCF).

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.

The Financial Services Compensation Scheme has paid out just over £38.1m in compensation to LCF customers, a substantial increase from the £20m paid out by August when the body increased the team allocated to the case by nearly 80%.

The Financial Services Compensation Scheme has increased the speed it is settling LCF claims and has so far paid out £13.5m to 844 people hit by the collapse of the mini-bond firm.