The ABI has branded a new rise in Insurance Premium Tax as a “hammer blow for the hard pressed”.

New figures from the ABI, which is holding its annual conference today, reveal that £131 million is now being paid every day paid to customers by UK insurers and long-term savings providers.

The Association of British Insurers has called on the government to build on the success of auto-enrolment by raising contributions and expanding coverage.

A new study has found that more than one in ten drawdown customers regret their decision.