Paul Myners, the former City minister, has joined the growing chorus of voices calling for an independent inquiry into the implosion of Neil Woodford's investment business, making him the latest high profile figure to criticise the UK's financial watchdog over its handling of the scandal.

Lord Myners, who served in Gordon Brown's Labour government during the financial crisis, criticised the Financial Conduct Authority for the length of time it has taken to complete its investigation into the former star fund manager's business, which was launched just days after Woodford's £3.1bn flagship Equity Income fund was suspended in June 2019, locking in hundreds of thousands of investors.