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 Financial Services Compensation Scheme reported today that it has paid out just over £56.3m in compensation to 2,878 customers of collapsed mini-bond firm London Capital & Finance (LCF).

There is little doubt that in 2018 the FCA’s call centre was in a mess. Demoralised, poorly trained staff were inundated with a barrage of calls from consumers, some of them angry and abusive, even racist and homophobic.

Monday saw a grilling of Andrew Bailey, former CEO of the FCA, by Treasury Committee MPs regarding missed opportunities for the early detection of problems at the failed mini-bond provider London Capital & Finance.