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.

Latest data from the FCA has revealed that in the second half of 2020 the number of complaints received by financial firms - excluding PPI complaints - rose by 3.3% to 1.93m.

The FCA has revealed that 50% of authorised firms previously using the Gabriel data reporting system have moved across to the regulator’s new RegData data collection system.

The average rate on a one-year fixed bond has plummeted to a record low of 0.61%, less than half the rate of a year ago when it was nearly 1.3%.