The APPG’s report, which is set to be published next week, claims the regulator is widely seen as “incompetent”, and “its integrity is called into question”, while claiming its transformation programme has “not worked”.

The call for evidence report came about after the FCA was criticised for is its “poor handling” of a number of scandals, including the Connaught Income Fund Series 1.

Connaught had been the main funder of the now defunct bridging lender Tiuta, which went into administration in 2012, with its former directors Gary Booth and Steven Nicholas being ordered to pay £19.9m after they had been found to have arranged a series of fraudulent loans.

A 2020 independent review into the FSA and FCA’s handling of the Connaught Income Fund Series 1 found the FCA apologising for not acting more “promptly and decisively” to whistleblowers.

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Bob Blackman CBE MP, co-chairman at the APPG, commented: “The FCA responded to the excoriating criticism it received about its poor performance by launching a transformation programme.

“Unfortunately, the testimony received by the APPG in response to its call for evidence indicates that this programme has been a failure.

“The FCA’s deep-rooted cultural problems, described so forensically by the series of external reports, are still there.”

Mr Blackman went on to say: “The human suffering caused by regulatory failure is catastrophic.

“The report contains over 380 pages of analysis of the testimony provided by more than 170 individuals who kindly gave evidence.

“Those who did so included FCA employees, past and present. The report also contains insightful observations by an external panel from academia, consumer advocacy, financial journalism and trading standards.”

The full report by the APPIG is set to be released on 26th November.