The FCA is cracking down on the practice of so-called ‘double-dipping’ by investment platforms and SIPP operators whereby they keep interest on customers’ cash balances and charge them a fee for doing so.

In the last two years annuity rates have risen by more than half, according to Canada Life, giving a 65-year-old with a £100,000 annuity an extra £2,500 a year.

A quarter of young people aged 18-24 years has not heard of auto-enrolment, despite new proposals being published that will extend the scheme to 18-year-olds.

The FCA is planning to open the door to millions of consumers receiving ‘financial guidance’ on their personal finances which stops short of regulated financial advice.

Platform and SIPP provider AJ Bell has reported strong growth in revenue and profits in its results for the year ended 30 September published today.