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.

The National Audit Office, the UK’s independent public spending watchdog, is to probe the FCA’s handling of the British Steel Pension Scheme restructuring which resulted in many steelworkers transferring their pensions into SIPPs.

Advised net inflows rose 36% year on year to nearly £4bn at investment platform AJ Bell for the year ended 30 September.

Edinburgh-based SIPP operator Forthplus Pensions has gone into administration after a string of complaints to the Ombudsman about the firm’s due diligence.

Advisers placed almost £2bn with investment platform Transact during the quarter ended 30 September 2021.