The Investment Association, the fund managers' trade body, has called on the financial services sector to work towards greater engagement with their clients' retirement choices and to build a stronger focus on retirement outcomes.

The fund managers’ trade body, the Investment Association (IA), has warned that brand cloning scams have become the “leading source” of fraud risk with hundreds of investors losing millions of pounds.

Net retail sales of investment funds returned to positive inflows of £1.6bn in November, following the UK Budget and US election.