Multilevel converters have many advantages in power electronics. In particular, the Flying Capacitor (FC) converter is an attractive choice as it can generate high quality output waveforms and reach high power levels. Several works have been presented in the literature for voltage capacitor balancing, relying on self-balancing property. Nevertheless, the conditions for self-balancing operation cannot be guaranteed in several practical applications. In this paper, a simple closed-loop scheme, based on Model Predictive Control (MPC), is used to properly modulate the converter output voltage in order to keep the capacitor voltages at the desired values. As the proposed modulation strategy regulates the capacitor voltages, wide bandwidth linear controllers can be used for the current tracking, improving the dynamic and steady-state behavior of the overall system.