The FCA has fined Henderson Investment Funds Limited £1.868m for failing to tell thousands of investors for five years that two active funds had been converted to ‘closet trackers.’

The FCA and the Prudential Regulation Authority (PRA) have banned and fined Stuart Malcolm Forsyth, the former CEO of a small mutual insurer, £78,318 and £76,180 respectively.

The FCA has warned staff over the “shameful” state of its new £60m Stratford HQ.

Pension transfer specialist Tideway has claimed that UK workers could collectively be up to £25bn out of pocket if they are persuaded not to take advantage of final salary transfer offers by negative publicity on DB transfers.