Retail funds have seen a third consecutive month of outflows, according to the latest data from the Investment Association, the fund managers' trade body.

Investors added £43.4bn to retail funds in 2021, the second best year on record, despite the pandemic.

The FCA confirmed today that that it will go ahead with its plans for long-term investment funds aimed at sophisticated investors and pension funds, potentially opening them up later to some retail investors.

The FCA has today published final rules to “streamline and simplify” the prudential requirements for solo-regulated UK firms authorised under the Markets in Financial Instruments Directive (MiFID).