Spending on new technology is the biggest driver of increased investment by adviser firms ahead of the implementation of Consumer Duty coming into effect from the end of July.

Nearly nine in 10 (85%) financial advisers are worried about the damage to their businesses from rising costs and 26% plan to raise fees to cope, according to a new survey.

CPI inflation continued its recent downward trend in December for the second month with a fall from 10.7% to 10.5%.

Record DB pension transfer values have pushed up average costs for transferees by 10% in one year.