The FCA acknowledges it needs to change, said Debbie Gupta, director of life insurance and financial advice at the regulator.

Speaking at PIMFA’s Virtual Fest 2, she said the independent reviews of the FCA’s handling of LCF and Connaught made for “sobering reading for all of us”.

“I wanted to reassure you that we are profoundly sorry for the mistakes we made and the devastating impact that has had on investors. Our approach to the consumer investment market will need to change and we will need to take account of the learnings from both the reviews,” Ms Gupta said.

The regulator also shares the frus...