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

The Advice Guidance Boundary Review is considering the role of digital and automated channels in order for consumers to access pensions planning support, according to FCA CEO Nikhil Rathi.

The FCA has fined Huddersfield-based Inspirational Financial Management Ltd (FRN 223511) £897,840 after it poorly advised people to transfer out of DB pension schemes, including the British Steel Pension Scheme (BSPS).

Compliance was the top reason for whistleblowers to complain to the FCA in December, with 41 reports being made to the regulator about the issue during the month.