Data from the FCA has revealed that 55% of savers with more than £10,000 in investible assets keep all or most of their money in poorly-paying cash accounts.

The Personal Finance Society has welcomed the FCA’s adviser sector study published yesterday showing rising financial adviser numbers but warned there are still too few advisers to meet demand and soaring PI insurance costs are hitting the profession.

Financial adviser numbers have risen by 1,400 (4%) since the Retail Distribution Review (RDR) and the Financial Advice Market Review (FAMR), ending years of decline.

New Model Business Academy, the adviser academy run by SimplyBiz, has been criticised by education inspector Ofsted for a second year after it was found to be “making insufficient progress” from its previous inspection.

PIMFA has called on the Government and the Financial Conduct Authority (FCA) to urgently reform the supervision of financial advice and consumer compensation through the Financial Services Compensation Scheme (FSCS).

The FCA is to regulate pre-paid funeral plans from summer 2022, it announced this week.

The Financial Conduct Authority has fined FX options broker TFS-ICAP £3.44m for giving misleading information to clients.

Sheffield-based Financial Planners Belmayne have enlisted their local MP to help them fight rising FSCS levy costs which have seen the firm hit with £2,000 bill increase.

The Financial Conduct Authority is set to increase fees paid by new businesses seeking authorisation, according to its latest consultation paper.

The FCA has abandoned plans to ban platform exit fees.