Nearly £2m has already been lost to pension fraud this year with the true cost likely to be much higher as victims often do not realise they have been scammed for several years.

Financial advisers placed over £2bn of client money with investment platform Transact during the quarter ended 31 March.

The Financial Conduct Authority has apologised for its handing of the collapse of London Capital & Finance (LCF) and the Connaught Income Fund Series 1 and has set out its approach to assessing related complaints.

Treasury minister John Glen today announced a £120m government-backed compensation scheme for LCF mini-bond victims which will pay up to 80% of losses up to a maximum of £68,000.

The Personal Finance Society is offering 100 free memberships for two years to people who have lost their jobs due to Covid-19 and want to retrain as professional Financial Planners. 

Chancellor Rishi Sunak revealed today that the FCA will launch a regulatory ‘scale up box’ to build on its successful sandbox strategy which has helped dozens of start-up fintech firms get off the ground.

The Financial Ombudsman Service has appointed FCA executive Nausicaa Delfas as its interim chief executive and chief ombudsman following the departure of Caroline Wayman.

Mattioli Woods, the wealth manager and SIPP provider, is on the acquisition trail again this week with a £1.6m deal to buy Edinburgh wealth manager and Financial Planner Caledonia Asset Management.

Fund manager Vanguard has launched a restricted financial advice service for pension savers offering an “all-in” cost of 0.79% including the advice fee.

The Competition and Markets Authority has provisionally found that platform engine FNZ’s £150m purchase of rival GBST would raise “significant competition concerns” following a review of the deal.