The consequences of this for financial services will, self-evidently, be a major driver of the industry's development over the next decade, as the state steps back from aspects of pension provision and working patterns continue to change. Getting it right will almost certainly mean developing different kinds of relationships with consumers, and new types of products that cross traditional boundaries. Navigating this will be a real challenge for all of us.

Looking forward to listening to Linda Woodall, the FCA Director with responsibility for this area of regulation, speaking at our Breakfast Briefing on 28th.