An increase in inflation and fuel prices is resulting in people spending more and saving less, a survey has found.

The FCA has today launched plans for a new ‘Consumer Duty’ for regulated firms which will set a "higher level" of protection for consumers buying retail finance products and services.

The FCA halted 343 applications for authorisation from firms and individuals in 2020 in a clampdown to protect consumers.

Nearly one in five people (17%) who tried to take out a basic financial product during the Coronavirus pandemic had their applications rejected.