The Financial Conduct Authority and the Treasury should “consider” action following the criticism made of former FCA chief executive Andrew Bailey’s handling of the London Capital & Finance collapse, former High Court judge and author of an independent report into the demise of the firm said.

“I do think it’s a matter to which consideration should be given – not by me but by the chairman and CEO of the FCA and the Treasury in so far as the Bank of England is concerned – as to what they consider is appropriate to do in light of the serious criticism and conclusions I have made,” Dame Elizabeth Gloster told the influential Treasury Committee on 1 February.