Royal London has achieved record profits of £396m in 2018 thanks, in part, to inflows of £4.1bn from external clients.

A decision by the FCA to raise the limit on Financial Ombudsman Service compensation claim awards to £350,000 has been branded “shocking” and “counterproductive”.

Shock revelations, brought to light under the Freedom of Information Act, have suggested more than 100,000 pension savers could be hit with six-figure tax bills following tiny uplifts to their pension.

Experts from across the financial sector have backed FCA plans to revamp the way pension investments work.