Just before Christmas I suggested that the FCA needed a new direction post-Bailey. It may already have found one although it is clearly not the direction everyone wants.

The FCA has issued a warning over a New York-based advice firm, which, it says, is operating in the UK without authorisation.

Trade association PIMFA, which represents 1,000 investment managers and financial advisers, has called on the FCA to “raise the bar” instead of banning contingent charging. 

The Pensions Regulator has called for small pension schemes to quit the market after new research findings.