The Association of British Insurers has revealed that fraudsters are submitting a scam claim every minute of the day, underlining what it calls “the true extent of insurance fraud in the UK” which now amounts to £1.3bn a year.

Wealth management and financial advice association PIMFA has hit out at the Government after it was reported the pensions dashboard idea could be in jeopardy.

Reports that Pensions Secretary Esther McVey was planning to kill off the proposed pensions dashboard were branded “a huge let down to millions of savers.”

Many industry pensions experts have given a cautious welcome to the FCA Retirement Outcomes Review but some have voiced concerns about aspects of the proposed changes, especially how investment pathways will work.