The Financial Ombudsman Service (FOS) is to make further cuts to its operating budget in the coming financial year and has frozen its levy at £23.3m.

Steve Webb's plan to extend pension freedoms to all retirees, creating a market for annuity resales, is well-meaning but unlikely to work in practice, Fidelity retirement director Alan Higham has said.

The government has recovered a further £1.3bn from the Landsbanki estate in Iceland, which operated as Icesave in the UK, following its collapse at the height of the financial crisis.

The Financial Conduct Authority (FCA) must establish a ‘second line of defence' for retirees ahead of pension freedom or the industry faces another major mis-selling scandal, according to MPs.

The Investment Management Association (IMA) is failing to represent the interests of active fund managers, according to Richard Romer-Lee.

The Financial Conduct Authority (FCA) plans to cut the adviser guidance guarantee levy by 50% and has announced tougher standards on the bodies tasked with delivering guidance to the public.

Clive Cowdery, the former head of Resolution and major shareholder at Friends Life, is set to walk away with £160m from the £5.6bn takeover deal announced on Friday.

Aviva has confirmed it is aiming to buy rival insurer Friends Life in a deal worth £5.6bn.

Assets under administration at platform and self-invested personal pension (SIPP) provider James Hay hit £16bn in the third quarter of the year, however, expected profit forecasts at the business have been cut.

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