The Financial Services Compensation Scheme (FSCS) is to open further investigations into failed wealth manager WealthTek as it makes ‘substantial progress’ on client payouts.

The Pensions Regulator has warned that millions will need more help with retirement planning after its latest data review revealed that 51% of pension savers withdraw all of their pension pot as cash.

Leeds-based adviser IFA Ltd, trading as Cowburn Milner & Company Limited (FRN 433928), has been declared in default by the Financial Services Compensation Scheme.

The FCA plans to cut back insurance red-tape to give the industry simpler, more straightforward rules, it said.

Wealth manager Evelyn Partners has targeted investors unnerved by global uncertainty with a new bespoke portfolio service that invests in cash and bonds and aims to beat the returns available on cash accounts.

In July Financial Planners Phil Billingham, Shannon Currie and David and Gail Crozier will drive 1,318 miles over three days across Europe to deliver an evacuation vehicle destined for work on the Ukrainian frontlines.

Car leasing investment company Raedex Consortium Ltd (FRN 668924), trading as Wheels4Sure and Rent2Own Cars, has been declared in default by the Financial Services Compensation Scheme.

A new Mansion House Accord backed by 17 pension firms aims to help DC pension savers by using private markets to boost potential net returns, while strengthening investment in the UK.

A new consumer survey has found that, on average, one in five people (21%) are clueless about when they will be able to retire.

Cambridge-based pension adviser Berkeley Jacobs Financial Services Limited (FRN 158901), which was fined £175,000 for pension rule breaches in 2004, has been declared in default by the Financial Services Compensation Scheme.