Independent financial regulators are examining whether there is justification for a probe into the collapse of leisure group Thomas Cook.

The Financial Reporting Council, which has powers delegated by the UK business secretary, says it is considering whether there is any case for “investigation and enforcement action”.

It states that it is assessing the situation “as a matter of urgency”, adding that it is co-operating with the Insolvency Service.

Thomas Cook collapsed into insolvency on 23 September after failing to secure a rescue deal, following years of weak financial performance and restructuring efforts.