Some 8m people are planning a DIY approach to retirement and planning to avoid professional financial advice but admit they do not know how to avoid running out of money in retirement, according to a new study.

Investment and retirement platform consultancy the lang cat has recruited Tom McPhail, the high profile former Hargreaves Lansdown pension spokesman and head of policy, to be its new director of public affairs.

Industry veteran John Moret has called on the Financial Conduct Authority (FCA) to offer greater clarity on measurement mechanisms to aid customer care performance monitoring and benchmarking.

Around 4m savers under the age of 40 could be losing out on investment returns because they think a medium risk pension will produce the strongest returns for their pension.

Platform and SIPP provider AJ Bell has promoted CFO Michael Summersgill to the newly-created role of deputy chief executive officer.