Wealth manager Harwood has placed its subsidiary, appointed rep adviser firm Network Direct, into voluntary administration due to “weak investment markets” and rising Professional Indemnity insurance costs.

Schroders is aiming to raise £100m for a new Social Impact investment trust to be floated on the London Stock Exchange.

Pension consultant Willis Towers Watson has warned that pension schemes could be forced to top up 100,000 historic pension transfer payments following a High Court ruling.