A new directory of regulated financial advisers aimed at helping retirees following the pensions and annuities revolution has been given the green light.

Barnett Waddingham has purchased Harsant Pensions for an undisclosed figure, in a deal which will see the firm add more than 400 Sipp and 70 SSAS clients to its existing book of business.

More people would find it easier to explain the existence of ghosts and detail the offside rule than would be able to describe annuities and pensions.

A move by the Government designed to boost savers' pension funds by cutting down on 'excessive' charges may hit companies' incomes by £1bn – five times more than previously suggested.

The threat of a further levy hangs over advisers due to increased compensation linked to Sipp claims.

The financial ombudsman has rejected a complaint from an investor over HSBC's £9,000 commission for setting up his Sipp.