The number of taxpayers’ estates with Inheritance Tax on death rose to an estimated 41,000 in 2022/23 - up 24% increase on the previous year (33,000).

People in poor health have poor finances too, with just one in 20 having high levels of financial resilience compared to a third of people in good health.

Therese Chambers, director of consumer investments at the FCA, has revealed more details of the advice/guidance review, including the fact it will be a joint enterprise between the FCA and the Treasury.

Chancellor Jeremy Hunt has been urged to flesh out the growth plan he outlined in January when he announces his Budget in March.