M&G’s platform and advice businesses saw an increase in annual pre-tax losses to £32m in 2023 (2022: £24m).

The FCA’s thematic review - which investigated how firms were providing retirement income advice - has demonstrated the value of a good Financial Planner, according to financial professionals.

Sales of new individual income protection policies rose 16% year-on-year to hit 247,000 in 2023, according to new figures from insurance and investment provider trade body the ABI.