Reported total revenue earning from retail investment intermediation fell by 1% to just under £4.4bn according to data drawn from the FCA’s retail mediation activities return (RMAR) for 2020.

Lifetime ISA (LISA) early withdrawal charges rose by more than 300% to £33m in the 2020/21 tax year, according to a Freedom of Information request.

Independent investment researchers Fitz Partners say the Ongoing Charge Figures (OCF) for typical index trackers have fallen by 27% since 2016.

Quilter’s UK platform Old Mutual Wealth is to introduce ‘family-linking’ of accounts from April - a move it says will save most investors money.