In the FCA’s response to the Treasury Committee's report into its handling of the London Capital and Finance collapse published yesterday, chief executive Nikhil Rathi said that the FCA is ‘taking forward wider changes in our structure, culture and strategic investment programme to ensure that we are able to identify and assertively tackle misconduct in the financial services sector’.

Rathi also said that to be able to take a tougher stance and tackle fraud risks that are outside the perimeter of the FCA will involve authorised firms and will ‘be the key aspect of the FCA’s surveillance, triage and interventions work as it evolves’.

Rathi stated that the FCA would be taking steps to improve its partnerships with government and law enforcement but warned that this would only be a success if there was a collective effort from all jurisdictions.