The Financial Conduct Authority has today launched a review on 'streamlining' regulatory red tape post the Consumer Duty, amid signs many advice firms have cut back on the number and type of clients they serve and struggled to meet all the obligations.

Over one in three financial services firms (36%) have been penalised at least once in the past 12 months for failing to meet regulatory requirements, according to a new report.

The FCA has issued a £3,503,546 fine to CB Payments Limited (CBPL) for repeatedly breaching a requirement preventing it from offering services to high-risk customers.

The FCA has cancelled the permissions of Brentford-based Ekara Health Ltd (FRN 940007).

The High Court has approved a plan to return client money and customer assets to clients of failed Newcastle-based wealth manager WealthTek.

The FCA has told firms to do more to ensure politicians, senior public servants and their families are not treated unfairly.

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.

The FCA has published rules for a simplified listings regime in its biggest shake-up in over three decades to support a wider range of financial services firms to issue their shares on a UK exchange.

The retail investment sector continued to dominate attestations (or undertakings) required issued by the Financial Conduct Authority between January and March.

The FCA has cancelled the permissions of Buckinghamshire-based adviser firm Pringles Financial Services (FRN: 148402).