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 FCA is to consult on tougher rules to beef up protection for up to 24m vulnerable consumers.

The FCA is seeking industry views on a new prudential regime for UK investment firms which would mark a major change for MiFID investment firms and mean exiting the EU regime.

The Financial Conduct Authority says it will ban most contingent charging on DB pension transfers as part of a raft of measures designed to tackle ‘weaknesses’ in the DB transfer market.