One of the biggest problems with UK financial regulation is that it is reactive, not proactive.

Pensions expert Steve Webb has warned that an extra 2.5m taxpayers could face being dragged into the higher rate tax over the course of the current Parliament.

Want some good news for a change? SIPPs. Apart from the small number of toxic ones SIPPs, since their launch over three decades ago, have been a major and often unreported success story.

In my last article I questioned just what is “fair and reasonable” when it comes to regulation. This was prompted by a recent FOS determination involving a complaint by a Mr T. against Rowanmoor Pensions.