The new year has heralded a £10,000 cut in the level of protection on deposits for savers.

Small firms must not escape the burden of regulation while heavy costs are ‘heaped’ on big businesses, the managing partner of a financial services group says.

The FCA has called for the help of advisers as it launched a probe today into specific rules and policies which could be hindering investment for social purposes.

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.