The ‘closed book’ phase of the Duty comes into force at the end of July.

16 trade bodies have also written to the regulator opposing the plans.

The partnership comes as the FCA continues its review of how firms approach and treat customers in vulnerable circumstances.

The FCA said it has identified additional learning as a result of the complaints investigation.

Non-financial misconduct is still a major issue for financial services, the FCA director said.

Over 300,000 investors were affected by the equity fund’s collapse four years ago.

The regulator is incorporating aspects of its tailored support guidance (TSG) into its rulebook.

Minimum and flat rate fees are rising following a freeze last year.

The firm took £2.8m as deposits under loan agreements and/or as part of an unauthorised collective investment scheme.

The tool aims to help advisers fulfil the consumer understanding outcome of the FCA’s Consumer Duty.