The FCA is cracking down on the practice of so-called ‘double-dipping’ by investment platforms and SIPP operators whereby they keep interest on customers’ cash balances and charge them a fee for doing so.

The FCA’s Advice Guidance Boundary Review adds uncertainty rather than removes it, Chet Velani, managing director of Financial Planning fintech EV Financial Solutions has warned.

The number of retail investment accounts opened in the last three years has slumped to just over a tenth of its peak.

Boundaries are essential for all sorts of good reasons. They make things clear to everyone involved what’s the right side of the line and what’s not. Blurred lines are best avoided.