The FCA has welcomed today’s National Audit Office report on protecting consumers.

The FCA has today confirmed that the Financial Ombudsman Service will soon be able to require financial services firms to pay £200,000 more compensation to consumers and businesses.

The Financial Conduct Authority has called on the investment sector and wealth managers to improve the way they disclose costs and charges to clients following a review of the sector which found shortcomings.

FCA chief executive Andrew Bailey says the MiFID II changes are saving investors £180m a year and could save them up to £1bn over 5 years.