Punter Southall Aspire, the Financial Planning and retirement savings business, is exiting the Master Trust pensions market to concentrate on Financial Planning.

The Financial Conduct Authority’s pension scheme has apologised after being hit with a £2,000 fine from The Pensions Regulator over governance shortcomings.

HSBC Master Trust has become the first new master trust to be authorised by The Pensions Regulator which has so far focused on authorising existing schemes.

The Pensions Regulator says 16 million pension pots are now ‘better protected’ after all the existing schemes have been authorised and moved to the new rules.