Pensions savings have hit their lowest levels since 2006 as the long term effects of the downturn start to impact on savers' retirement plans, according to research by Scottish Widows.

The cost to advisers of obtaining a mandatory ‘statement of professional standing' (SPS) certificate and completing their qualification gap-fill requirements by 1 January 2013 could hit £595 each, the FSA estimates.

Professional bodies accredited by the FSA to check advisers' qualifications and CPD will not have the power to regulate individuals, the watchdog says.

The FSA has published the final list of authorised qualifications retail investment advisers can take to ensure they meet RDR requirements before 1 January 2013.

The FSA is proposing to introduce Statements of Professional Standing (SPS) for advisers which will be awarded by accredited bodies.

Hopefuls seeking to fill Chris Cummings' shoes as director general of the Association of IFAs (AIFA) have until 12 July to apply.

A woman who had a sex-change operation 10 years ago has won her battle to receive a pension from the age of 60.

The FSA wants firms to demonstrate how they stress-test financial products and ensure customers understand how their investments will react in different market situations.

The FTSE 100 index has clawed back some of the previous session's sharp losses this morning.

Advisers who recommended panicked clients realise gains ahead of this week's Budget have been forced on the defensive amid claims they may have issued "bad advice".