The Treasury is consulting on whether to axe the 10% drop rule which requires advisers to write to clients if their portfolios drop by 10% or more.

Sam Woods has been reappointed as Deputy Governor of the Bank of England with responsibility for Prudential Regulation and will continue as chief executive of the Prudential Regulation Authority.

MPs on the influential Public Accounts Committee (PAC) have published a damning report criticising the Treasury for failing to fix what it calls a £17bn error on public service pensions that has disadvantaged younger workers, women and other groups.

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