A legal challenge against the Financial Conduct Authority’s decision to set up a redress scheme for former British Steel Pension Scheme (BSPS) members has been scrapped.

People who switch from full-time to working part-time three days a week face a pension penalty of up to £119,000, according to new research.

The north east is the cheapest place to be a pensioner, with over-65s needing an annual income of £14,782 to cover spending, according to a new survey.

Richard Mattison, director at SSAS specialist Whitehall Group, comments on the scrapping of the Lifetime Allowance, the raising the Annual Allowance and the unintended consequences they could cause.

The FCA has ordered Newcastle-based wealth manager WealthTek Limited Liability Partnership to cease all regulated activities following the discovery of regulatory and operational issues.