Andy Bell, chief executive of platform and SIPP provider AJ Bell, has welcomed news that the rules on 10% ‘investment drop’ letters will be relaxed for six months.

A new survey for online platform and SIPP provider AJ Bell on the 5th anniversary of the Pension Freedoms suggests withdrawals have been falling year on year.

The Financial Services Compensation Scheme (FSCS) has declared 15 failed regulated firms in default during February 2020 including SIPP firm GPC.

Ian Mattioli, chief executive of wealth management and SIPPs business Mattioli Woods, has waived his salary until at least 30 June and board directors have reduced their fees to 50%.

The FCA has reduced a £93,800 fine imposed on pension adviser Lloyd Pope, a former director of now dissolved firm TailorMade Independent Ltd, by approximately £70,000.

The FCA has ruled out - at least for the time being - a complete ban on short selling as it works closely with international regulators to ensure that financial markets remain “open and orderly.”