Treasury minister John Glen today announced a £120m government-backed compensation scheme for LCF mini-bond victims which will pay up to 80% of losses up to a maximum of £68,000.

The government plans to legislate for a major expansion of its Dormant Assets scheme to add selected insurance, investment and pension products.

Industry experts have expressed concern about the Government’s confirmation it will legislate to increase the age the Pension Freedoms can be accessed from 55 to 57 from 2028.

The Treasury is consulting on proposals to make it harder to promote unauthorised financial products via authorised firms.