The City watchdog’s executive committee members face pay and bonus cuts as part of the fallout from the collapse of mini-bond firm London Capital & Finance in early 2019.

During a Treasury Committee evidence session on 1 March, the chair of the Financial Conduct Authority’s board, Charles Randell said: “The board did consider what the consequences should be for individuals and that’s why the board cancelled the performance related pay for the executive committee for the 2019-20 year.”