In a newly released mission consultation paper, the regulator outlined a number of principles around which the FCA’s future strategy would be built.

Among these was a plan to target any unregulated activity which may be illegal, fraudulent or has the potential to undermine confidence in the UK financial system.

The paper stated: “Many of the problems we have seen in the market, from the crash of 2008 onwards, have been caused by regulated firms undertaking activities which are outside our ‘regulatory perimeter’.

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“But we have limited resources and must prioritise using them where we can have the biggest impact.

“We will prioritise intervening outside the perimeter when we believe our objectives are threatened.”

The FCA said it would also intervene when unregulated activities were closely linked to, or may affect, a regulated activity or call into question the suitability of the firm.

Other principles laid out by the regulator included plans to improve the clarity of its terminology and considering placing greater restrictions on the market where it feels ways of presenting consumers with information are not working.