More than 4 in 10 financial advisers expect the FCA’s new Consumer Duty - which came into effect on Monday 31 July - to hit profits due to the cost of complying with the new rules.

We have heard a lot about vulnerable customers recently. Even before the Consumer Duty came along it was a big area of focus for the FCA and now we all have added responsibility under the duty.

The FCA has written to investment platforms and selected SIPP providers to ask them to disclose how much of the interest they receive from cash and bank deposits they pass on to their customers.

Close to two thirds (61%) of Financial Planners believe pension and retail investment products will see a boost from the FCA’s new Consumer Duty.

Sales of Self Invested Personal Pensions (SIPPs) bounced back in 2022 to reach nearly 900,000 new plans arranged - the highest level since 2018.

Financial adviser Denis Lee Morgan has been banned by the FCA from advising on pension transfers and opt outs following British Steel Pension Scheme advice failings.

The FCA has today forced a further three firms to reverse the effects of misleading British Steel Pension Scheme (BSPS) offers.

The FCA has imposed restrictions on a financial adviser firm based in South Wales to prevent it from making unsolicited offers of £50 in redress to BSPS members.

Ahead of the new Consumer Duty requirements, the FCA has warned SIPP operators to ensure standards of conduct are high amid concerns about problems in the sector.

The FCA has warned of increased risk to consumers when overseas firms refer defined benefit (DB) scheme members to UK firms - including SIPP firms - for pension transfer advice.