The regulator has also abandoned plans to introduce diversity and inclusion rules.

The report summarises that ‘firms should not have to overhaul the way they work, but complying with new expectations may mean more administrative work'.

In the latest three-month period, around 280,000 mortgages locked into a new deal up to six months ahead of maturity.

The government says unnecessary regulation will be cut to boost growth.

The FCA may also consult separately on changes to its rules.

The regulator says it wants to "consider further improvements quickly".

44% of vulnerable customers reported a negative experience with financial services firms.

The PRA is consulting on raising the leverage ratio threshold to £70 billion retail deposits.

Quilter was one of 20 large firms contacted by the FCA over concerns around ongoing advice services.

The pair were convicted for their roles in connection with loans to the Republic of Mozambique.