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Cheshire-based adviser firm Holborn Assets Ltd (FRN 648817) has been declared in default by the FSCS, opening the door to ex-clients to make claims for compensation.

The average household is £31,546 short in their savings of the amount needed to give them a moderate standard of living in retirement, four times higher than five years ago.

The change to the treatment of pensions under inheritance tax rules due to take force from 2027 will exacerbate existing delays in probate cases, according to a report from wealth manager and Financial Planner Quilter.

FCA CEO Nikhil Rathi has pledged to “revolutionise financial advice” as part of a package of reforms to break down the barriers to business growth in financial services.

The aggregate surplus of DB pension schemes dipped to £226.2bn at the end of December, according to the latest Pension Protection Fund (PPF) 7800 Index.

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