PIMFA has welcomed the Treasury Select Committee report, which recommends a change in culture at the Financial Conduct Authority (FCA).

The report calls on the FCA to implement a change in culture in order to protect consumers and financial markets.

However, it did note its support towards the views of the current FCA leadership, which outlined that the organisation must become more “proactive”, “agile” and “decisive”.

Tim Fassam, director of government relations and policy at PIMFA, said: “Today’s Treasury Select Committee report calling for a change in culture at the FCA is welcome and echoes many of the recommendations PIMFA has previously made, particularly through our Future of Supervision and Future of Regulation policy papers.

“Our industry called on the FCA to act over London Capital & Finance repeatedly.

“A more agile, engaged and decisive regulator could have prevented the losses suffered by thousands of consumers as a result of what happened with LCF and it is encouraging that the current senior leadership of the FCA recognises.

“But as the Treasury Select Committee says in its report, the FCA must set milestones for change to be achieved.

“We also agree with the Treasury Select Committee that it is disappointing measures to address fraud via online advertising have not been included in the draft Online Safety Bill, something which PIMFA has campaigned for, and will continue to campaign for.

“As the Treasury Select Committee, rightly in our view, states this is a missed opportunity to prevent another LCF-type event in the future.”