The FCA’s rulebook review on 'streamlining' red tape post the Consumer Duty, has been welcomed by the industry.

The Financial Services Compensation Scheme (FSCS), the safety net scheme for consumers, paid out £423m in compensation to customers during its 2023/24 year, £20m higher than the previous year.

Three financial advisers who pocketed almost £6m in ‘marketing fees’ relating to a SIPP which included inappropriate high-risk bonds, have been penalised almost £4m by the FCA and prohibited from any regulated activity.

Chancellor Rachel Reeves MP will present her first Budget on 30 October after yesterday announcing plans for £22bn of government spending cuts to plug a hole in government finances.

Net inflows to wealth manager St James’s Place slumped by more than a third in the six months to June compared to last year but funds under management climbed to a record high as the firm pledged to cut £500m of costs by 2030.

Lifetime annuity rates climbed to more than 7% in June following steady increases since the start of the year.

 The Financial Conduct Authority has today launched a review on 'streamlining' regulatory red tape post the Consumer Duty, amid signs many advice firms have cut back on the number and type of clients they serve and struggled to meet all the obligations.

The Pensions Regulator’s (TPR’s) new DB funding code - a decade on from the previous one - has been laid in parliament today, following extensive industry consultation.

Funds targeting income have seen a resurgence of interest among advisers with interest in capital accumulation funds waning at the same time in Q2, according to research consultancy firm Square Mile. 

Chancellor Rachel Reeves will today commit the Government to one major fiscal event per year to end “surprise budgets”, which have caused uncertainty for markets and family finances across the country.