Some investment and SIPP providers have been retaining interest earned on cash-holdings to subsidise loss-making platforms, according to an FCA study published today.

The FCA has called on advisers and providers to think beyond email messages to boost pension engagement with consumers.

The FCA has banned four financial advisers, three provisionally, over “reckless” pension transfer advice which has so far cost £13.4m in compensation payments.

Sheldon Mills, executive director of consumers and competition at the FCA, has claimed that Consumer Duty has been a great success in a speech at an event celebrating the Duty’s anniversary.

Three financial advisers who pocketed almost £6m in ‘marketing fees’ relating to an SIPP which included inappropriate high-risk bonds, have been penalised almost £4m by the FCA and prohibited from any regulated activity.

The High Court has approved a plan to return money and customer assets to clients of failed Newcastle-based wealth manager WealthTek which has a SIPP arm.

London-based IFA firm Donre Advisory Limited (FRN 513993), which previously traded as Basi & Basi Financial Planning Limited and has a SIPP subsidiary, has gone into liquidation two months after the FCA imposed restriction on its business activities.

The average salary at the FCA has risen by an average of 4.8% this year to £71,290, with some younger staff members receiving an 11.2% increase.

The FCA is to consult on introducing compulsory criminal background checks on firm owners and controllers applying for authorisation from January 2025.

The FCA has provisionally decided to ban and fine three individuals who were involved in running SVS Securities Plc, a discretionary fund manager which ran a SIPP and went into administration five years ago.