The FCA is keeping a close eye on an ‘uptick’ in overseas firms trying to establish an operation in the UK but keeping senior staff overseas.

More than half of pension pots are being cashed out in full as fewer people seek professional guidance, new figures from the FCA have revealed.

The FCA’s latest retirement income market data for 2022/23 published today has revealed that the money being withdrawn from pension pots is falling, dropping 5% to £43,199m from £45,638m in 2021/22.

The number of active FCA-authorised individuals dropped significantly in March with a net loss of more than 800 people on the FCA Register/Directory, according to data services provider Autus.