A Financial Planning firm founder has branded remarks about Financial planning from the outgoing FCA chief executive as “outdated” and “not very helpful”.

Firms getting involved in the new secondary annuities market must recommend clients seek regulated financial advice or guidance from Pension Wise “at the earliest opportunity”, new proposals state.

The FCA has declined to say how much is being spent on its new website.

The House of Commons will be given the power to reject future FCA chief executives.

About 500 small and 200 large advisory firms have been told their suitability reports must be sent to be assessed by the FCA.

An FCA hospitality probe has found events such as golf or tennis were not ostensibly “designed to enhance the quality of service to the client”.

A wealth management firm has been handed a Final Notice after the FCA said it had failed to comply with a regulatory requirement.

Tracey McDermott, acting chief executive of the Financial Conduct Authority, will leave the organisation on 1 July, it was announced by the regulator this morning.

A new criminal offence is to be brought in for corporations who fail to stop their staff facilitating tax evasion, following the Panama Papers revelations.

A project to allow unauthorised firms to test new products and services by cutting regulatory requirements is to begin imminently.