Helen Dean is to step down as CEO of the UK’s largest pension scheme, the government-backed Nest, which focuses on auto-enrolment.

The FCA, PRA and Bank of England are to remove the £10,000 limit on compensation payments related to complaints about the regulators due to be implemented from 1 November.

Fintech and support services firm Fintel, the owner of SimplyBiz and Defaqto, has acquired digital knowledge and competence management system Competent Adviser.

Profits fell 29% for wealth manager St James's Place, with IFRS profit after tax for the half of £161.7m (H1 2022: £208.2m), according to interim figures released this morning.

Net inflows dropped 38% to £3.4bn at St James’s Place for the first half of 2023 (H1 2022: £5.5bn).

Gross inflows for the wealth manager fell 12% to £8bn (H1 2022: £9.1bn) as new business slowed.

However, group funds under management still rose during the half to £157.5bn (31 December 2022: £148.4bn).

During the half the wealth manager saw an increase in advisers, with 73 new advisers taking the total to 4,766.

In the interim results SJP also revealed that it is to cap its annual management charges on bond and pension investments for clients who have been invested with them for over 10 years as part of their preparations for Consumer Duty.

The wealth manager added that it has also made changes to key literature and making changes to help it monitor and assess the value the firm delivers to clients.

Andrew Croft, CEO at St James’s Place, said: “Beyond our operating and financial performance, it has been a period of intense activity regarding progress against our six business priorities, as well as in our preparation for the FCA’s new Consumer Duty regime.

"As a business focused on driving good client outcomes, we have welcomed the opportunity to further strengthen our commitment to clients and enhance the value we deliver to them.

“As we look ahead, there continue to be challenges for UK consumers, but as a long-term business our focus remains on ensuring we are well positioned to support our advisers build great relationships and deliver trusted and valued face-to-face advice over time.

"This commitment underpins our 2025 plan and will enable SJP to capitalise on the scale of long-term market opportunity ahead.”

The wealth manager also announce a interim dividend of 15.83 pence per share (H1 2022; 15.59 pence), equivalent to 30% of the prior full year dividend.

The half saw retention of client funds of 95.6%.

Fintech Defaqto, which provides the Engage Financial Planning software system, has acquired the tax-efficient investment research firm MICAP from Indagate Group for an undisclosed sum.

The number of adults holding an investment product rose to almost four in ten (37%) in 2022, according to the FCA’s Financial Lives survey.

Only three in five (58%) advised consumers had high levels of trust in their financial adviser in 2022, according to the latest FCA Financial Lives survey.

In the 2020/21 tax year the number of estates paying inheritance tax rose 17% year-on-year with pandemic deaths a factor in the growth, according to data released today by HMRC.

The Wealthtime platform is to rebrand as Wealthtime Select, as part of the rebranding of Anacap’s platforms under the Wealthtime brand.

Only 39% of pension savers are on track for a moderate retirement income of £23,300 a year.