Five firms could face a probe by FCA enforcement officers after failing to show the suitability of clients’ investment portfolios.

The minimum capital adequacy requirements for directly authorised personal investment firms will be doubled to £20,000 next summer.

The FCA has time this morning published the lowest interest rates offered by 32 providers of easy access cash savings accounts and easy access cash ISAs for the first time.

The FCA has published what it called ‘minor changes’ to its new capital adequacy rules this afternoon – with one expert saying the original proposals had been ‘watered down’.

Barclays Bank has escaped an £80.5m fine but still must pay £72,069,400 for “failing to minimise the risk that it may be used to facilitate financial crime” relating to a £1.88 billion transaction.

The FCA has revealed that the number of financial advisers has risen by over 1,000 since last year.

The FCA said this morning it could intervene in the asset management sector if a new probe, which began today, unearths ineffective competition.

A former investment analyst at Aviva Investors has been banned by the FCA after the company was hit with a £17.6 million fine earlier this year.

The FCA has this morning published a paper on reviewing its rules on disclosure and advice relating to P2P agreements due to the new Innovative Finance ISA.

Nearly a quarter of consumers consider what their morning newspaper tells them as constituting financial advice, a study found, as it revealed the high level of ignorance about the difference between advice and guidance.