Researchers from Cass Business School and the University of Bristol have discovered that women are more risk averse than men when it comes to financial risk taking.

Fines and compensation for misconduct by banks relating to investment advice and pensions totalled more than £1billion over the last 14 years.

The sweeping reforms to pensions introduced in the Budget have increased the need for regulators to protect consumers, the chairman of the FCA has said.

Professor Stephen Thomas of Cass Business School said the concept of so-called 'risk parity' "all-weather" portfolios was gaining ground in the Financial Planning sector.