Wealth manager St James's Place said 2022 was its second-best year for new business, despite the tough economic backdrop and a drop in inflows.

The prospect of personalised financial guidance has moved a step closer after Harriet Baldwin MP, chair of the influential Treasury Committee, has tabled a motion in the Commons to allow the controversial move.

Hargreaves Lansdown has recruited Richard Caldicott from M&G Wealth to lead its expanding financial advice offering.

Nearly 3 in 10 consumers (29%) say that they would avoid taking financial advice because it is too expensive.