The FCA and PRA have dropped plans to ban and fine a former CEO - accused of paying his wife excessive sums to avoid tax - following a damning Upper Tribunal judgment.

The Financial Conduct Authority has banned five directors of financial advice firms from working in financial services and fined them over £1m.

FCA CEO Nikhil Rathi has defended the pay packages of staff - some of whom went on strike this week - as “possibly the best package” among UK regulators.

Investors have lost £25m to screen sharing scams as cases rise 86% year on year, according to the Financial Conduct Authority.