The FCA is to push ahead immediately with plans to warn pension savers of the corrosive effect of inflation on cash savings.

The Consumer Prices Index rose to a 41-year high of 11.1% in October as prices rose in many sectors, with warnings of potential further rises to come.

The Bank of England today increased its base rate by 75 basis points from 2.25% to 3%, one of the biggest increases seen for 30 years. 

CPI inflation returned to its upward trend in September, hitting 10.1% after a dip in August to 9.9%, according to figures released today by the ONS.