More than 32,000 pension savers have received £135m in compensation from providers who failed to inform them about enhanced annuity options, the FCA has revealed in its Annual Report and Accounts.

The wealth manager trade body PIMFA has said it is encouraging to see the FCA chairman acknowledge that the FSCS levy is at an unacceptable level.

The Personal Finance Society (PFS) has urged product providers, financial advisers and the FCA to ensure Innovative Finance ISAs are designed and promoted in a way that “will not exploit known behavioural biases”.

Charles Randell, chair of the FCA, has today announced the appointment of Marlene Shiels, chief executive of Capital Credit Union, as chair of the FCA’s Smaller Business Practitioner Panel.