Royal London is to launch a direct to consumer proposition next year, comprising 'basic' savings and protection products that do not require advice.

Friends Life is calling on the pensions industry to take action against scheme 'liberation' companies after reporting a marked increase in the activity.

FIVE THINGS

Star fund manager Anthony Bolton is to retire from portfolio management next year, Fidelity has announced, with Dale Nicholls set to take over the reins at the group's China Special Situations investment trust.

Legal & General (L&G) is to make its unit trust business part of Legal & General Investment Management (LGIM) as the group undergoes a restructure.

The Co-operative Bank has reached agreement with the Prudential Regulation Authority (PRA) to plug a £1.5bn capital hole in its balance sheet.

The Legal Ombudsman is to consult on establishing a scheme which would give consumers a new avenue to challenge will-writers.

FAIR TAX

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The number of people aged 65 and over in work has topped one million for the first time, figures published by the Office for National Statistics (ONS) show.