The Treasury has rejected any immediate changes to pensions tax relief, despite MP recommendations for an urgent reform.

Following Nicky Morgan’s appointment to the Cabinet as Secretary of State for Digital, Culture, Media and Sport, a new chair of the Treasury Select Committee has been selected.

The Investment Association (IA) is planning a new type of fund after the suspension of the Woodford Equity Income Fund and an attack on ‘open ended’ investments by the governor of the Bank of England.

The Personal Finance Society (PFS) has backed comments made by Andrew Bailey, chief executive of the FCA, and Charles Randell, chairman of the FCA about the need to simplify the parameter between regulated and unregulated activity.