The Financial Conduct Authority has refused to hand over its ongoing investigation into the collapse of Neil Woodford's flagship fund to an independent third party following calls from investor champions.

Earlier this month Gina and Alan Miller, founders of the True and Fair Campaign, wrote to non-executive directors at the FCA, urging them to pass on its probe, which was started almost three years ago, to a judge or QC. They argued that any independent investigation must also look at the FCA’s own role in the scandal.