The FCA’s Advice Guidance Boundary Review adds uncertainty rather than removes it, Chet Velani, managing director of Financial Planning fintech EV Financial Solutions has warned.

St James’s Place - one of the UK’s largest wealth managers with more than 4,700 advisers - has given a cautious welcome to the FCA’s ‘simplified advice’ proposals published today but warned that the boundaries between advice and guidance must remain clear to avoid consumers being mis-sold.

The FCA has issued new guidance to advisers on giving pension transfer advice to vulnerable clients.

Government-funded body the Money and Pensions Service (MAPS) is to combine its pensions services under a new Retirement Planning Hub.