The Financial Conduct Authority is planning major reform of the easy access cash savings and cash ISA markets to provide a better deal for savers.

Platform exit fees could be axed by the Financial Conduct Authority to improve competition and make it easier for investors to switch platform.

The Competition and Markets Authority is proposing a raft of reforms to the pensions investment consultancy and fiduciary management sector after identifying substantial concerns about lack of competition.

The FCA says it plans to shake up the £500bn investment platform market to boost competition after concerns about how platforms compete with each other and for customers.