The FCA has banned four financial advisers, three provisionally, over “reckless” pension transfer advice which has so far cost £13.4m in compensation payments.

A deal to sell off failed IFA Nexus Independent Financial Advisers (FRN 584769) of Fareham, Hants, has taken far longer than expected and the sale price has been cut substantially.

A wealth manager and Financial Planner firm, Facet Investment Management Limited, has gone into administration.

Nearly three in 10 Financial Planners (28%) surveyed in an exclusive poll for Financial Planning Today say they have cut the number of clients they serve as a result of the Consumer Duty.

The FCA’s head of supervision Nick Hulme will lead a Consumer Duty Alliance event this autumn aimed at highlighting the problems faced by smaller advice firms.

The FCA has cancelled the Part 4A permissions of Manchester-based claims management company Domum Ltd (FRN 831104) after concluding that it was carrying on no regulated activity.

The FCA has released the ESG labels to be used by fund managers and other authorised firms that market sustainable investment products.

The average salary at the FCA has risen by an average of 4.8% this year to £71,290, with some younger staff members receiving an 11.2% increase.