Somewhat predictably a group of MPs have this week called on FCA chief executive Andrew Bailey to resign over the £236m London Capital and Finance mini-bond mess.

The Financial Services Compensation Scheme has apologised to potentially misled clients of the failed London Capital and Finance (LCF) mini-bond.

The news this week that the FCA will commission an independent report into its handling of the LC&F mini-bond scandal is not an admission of guilt but it is perhaps the first sign that regulation failed investors who had the misfortune to use this company.