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.

Platform engine and fintech Bravura Solutions has appointed Andrew Russell as group CEO and managing director effective immediately.

Most over-55s expect to have spent - or expect to spend - a third of their pensions tax-free lump sum within the first six months of taking it, according to a new study.

The study, by provider Standard Life, found that women were more likely to spend a larger proportion of their tax-free cash in the first few months than men.

The research from Standard Life, part of Phoenix Group, also found that 11% of over-55s expect to spend - or have spent - between 90% and 100% of their tax-free pension pot within half a year of withdrawing from it.

Just over a quarter of over-55s (27%) do not know how much they will spend or have already spent.

Standard Life’s research also found that women who took or plan to take a lump sum at the point of retirement spend 37% of their pot on average, compared to men spending 29%.

Dean Butler, managing director for retail at Standard Life, said that some people may be using the tax free cash to reduce their working hours or start phased retirement but this could harm long-term retirement income later on as pension pots grow.

He added that for some over-55s taking the tax-free lump sum in chunks over time could be a tax-efficient way of withdrawing pension savings.

• Opinium conducted research among 2000 UK adults aged 18+ between 12 and 16 May 2023. Results were weighted to be nationally representative.

Wealth manager St James’s Place (SJP) is hosting a live event to encourage more people with disabilities to apply for roles as financial advisers.

The Personal Finance Society, the 40,000 member professional body for Financial Planners, has launched a “practical toolkit” to help members embed the FCA’s new Consumer Duty requirements which begin on Monday (31 July).

Fund manager the Marlborough Group has taken a “significant’ stake in national IFA and Chartered Financial Planner firm Truly Independent to back its growth plans.

Loss-making wealth manager and Financial Planner WH Ireland has raised £5m today through an urgent share placing to help it avoid being wound up.

DB transfer values fell 8% in the second quarter, according to the latest data from XPS Pensions Group.

Peter Flavel, the CEO of private bank and wealth manager Coutts, is to step down with immediate effect as the fall out from the Nigel Farage bank account fiasco continues.

The best-performing investment sector for the first half of 2023 was the Technology & Technology Innovation TR sector which showed an overall rise of 24.83%, according to data from FE Analytics.