Three directors of Financial Planning and wealth management group AFH have resigned today as the £232m sale of the business went through.

Ian Mattioli, chief executive of wealth management and SIPPs business Mattioli Woods, has waived his salary until at least 30 June and board directors have reduced their fees to 50%.

Three new directors have been appointed to the Financial Conduct Authority board by the Treasury.

Four directors of companies involved in the transfer of £57m of pension pots - much of it into SIPPs - have been banned for a combined 34 years following an Insolvency Service investigation.