More than half of pension pots are being cashed out in full as fewer people seek professional guidance, new figures from the FCA have revealed.

I suspect a cold shiver went down many the backs of many at the larger adviser firms this week with news that the FCA is asking for details of their ongoing charges.

Annuity sales soared 46% in 2023 to £5.2bn but only a minority of people took advice before buying one, according to ABI data out today.

Nearly one in four UK adults (23%) say they would never seek financial advice, even if it was free.