The Financial Conduct Authority has today written to the chief executives of financial advice firms asking them to review their retirement income advice processes. 

Turbulent economic conditions and the Consumer Duty challenges have hit confidence in the future of the advice profession with 16% - one in six - of firm owners looking to sell or exit the market in the next 18 months.

More than four in 10 financial advisers expect the FCA’s new Consumer Duty - which comes into effect today - to hit profits due to the cost of complying with the new rules.

Financial advisers are changing their attitudes on vulnerable clients, particularly on mental health challenges, according to a new report.