Phoenix Group, owner of Standard Life and Sun Life, has reserved £70m for the potential impact of Consumer Duty legacy product costs, it revealed in its annual results today.

FCA CEO Nikhil Rathi has said that the FCA will take a ‘pragmatic’ approach to enforcing its new Consumer Duty.

Don’t reach for your hankies just yet, but I’m beginning to feel a touch of sympathy for our much-lambasted Chancellor Jeremy Hunt.

It’s been a torrid week for wealth manager St James’s Place and senior figures could be forgiven for reaching for the Scotch this weekend. Trebles I suspect.