The Financial Ombudsman Service is to increase its maximum compensation award for 2020/21 to £355,000 per case, a £5,000 increase on 2019.

The Personal Finance Society has welcomed the FCA’s freezing of 2020/21 fees for small firms but warned that the Coronavirus outbreak could force up compensation costs and hit advice firms hard without major reform.

The FCA plans to freeze its fees for the smallest 71% of financial services firms in response to the Coronavirus outbreak.

Next week our new Chancellor, just weeks into the job, will attempt, to sort out some of the mess which befuddles the UK pensions landscape. I’m not hopeful.