FCA CEO Nikhil Rathi has defended the pay packages of staff - some of whom went on strike this week - as “possibly the best package” among UK regulators.

Trade union Unite has given the Financial Conduct Authority a 10 day deadline to recognise the union.

The FCA confirmed today that that it will go ahead with its plans for long-term investment funds aimed at sophisticated investors and pension funds, potentially opening them up later to some retail investors.

Over the next 18 months Financial Planners can expect to see a Financial Conduct Authority (FCA) that looks and feels different, according to the regulator’s chief executive Nikhil Rathi.