A new industry campaign group has been set up to tackle failings and shortcomings in the Letter of Authority process, which it says is costing the industry £442m a year.

Members of the OurPFS campaign group of Financial Planners has called for an investigation into what it alleges is a ‘missing’ £10m in funds it says are being held by PFS parent body the Chartered Insurance Institute.

Financial Planning Week, the CISI-backed, consumer-focused annual consumer campaign, has been pushed back from October to mid-January.

More than six in 10 adults (62%) say that saving for retirement remains a “high priority”, despite the challenges of the cost of living crisis.