MPs have called for a “change in culture” at the UK’s financial regulator to protect consumers and financial markets following the collapse of mini-bond firm London Capital & Finance (LCF). The Treasury Select Committee has also called for the Financial Conduct Authority (FCA) to confirm a deadline to enact a transformation programme to improve the organisation. It comes a month after the FCA apologised to bondholders who lost millions of pounds invested in the collapsed mini-bond firm. LCF failed in 2019 after raising £237 million from 11,000 small investors. In December last year, a report by Dame Elizabeth Gloster found the FCA failed to properly regulate and supervise LCF and said the regulator must focus on improving internal authorisation and supervision processes.