Co-founder of the True and Fair Campaign Gina Miller has called on the Treasury Select Committee to launch a "Kingman-style independent review" of the Financial Conduct Authority.

In an open letter to the committee, Miller argued the recent final report from the Complaints Commission regarding the regulator's oversight of London Capital & Finance proved the FCA has acted "both illegally and illicitly" in its implementation of the compensation scheme.

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Miller said the independent complaints commissioner frequently had their recommendations ignored by the regulator, despite being appointed by the FCA.

She added that the report had revealed "the FCA's decision to act illegally". The letter quoted the report: "The FCA has asked me to have regard to the wider implications of an approach to ex gratia compensation which would generally lead to the FCA paying compensation when it is not the primary cause of the loss."

Miller concluded the regulator "deliberately sought to make the scheme worthless and anti-consumer by applying an illegal test, even though the amounts actually paid by the FCA are derisory anyway".

Over the past 18 months, the FCA has paid out just £13,475 in relation to the scheme, equivalent to £7 per complaint, compared to the £516,119 cost of running the office of the complaints commissioner.

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Miller urged the committee to call FCA chief executive Nikhil Rathi and interim chair Richard Lloyd to explain the findings that the "FCA sought to frustrate the law".

"We are of the firm belief that the mountain of evidence indicating that the FCA is not fit for purpose, should now result in the Committee backing the call for Kingman style independent review of the FCA, mandated by the Treasury," she added.