The FSCS declared five regulated firms in default in February and March, well down on the 12 firms in default in the same period last year, however one of the firms facing the biggest compensation bills - Alexander David Securities Ltd - was linked to SIPPs.

Glasgow-based adviser firm Executive Benefit Consultancy Ltd (FRN: 207482) has been declared in default by the Financial Services Compensation scheme.

The Financial Services Compensation Scheme has declared two financial adviser firms in default this week after receiving a growing number of claims from ex-clients.

The Financial Services Compensation Scheme (FSCS) has today appointed interim CEO Martyn Beauchamp as its permanent CEO.

Failed West Yorkshire adviser firm Reis Financial Planning Ltd (FRN: 673257) has been declared in default by the Financial Services Compensation Scheme today after a first claim against the firm was upheld.

Cheshire-based adviser firm Holborn Assets Ltd (FRN 648817) has been declared in default by the FSCS, opening the door to ex-clients to make claims for compensation.

Failed SIPP operator Intelligent Money has been declared in default today by the Financial Services Compensation Scheme, opening the door to ex-clients with valid claims to receive compensation.

A Shropshire-based pension adviser - an appointed rep of failed firm Tenet Connect Limited - has itself been declared as failed by the Financial Services Compensation Scheme, opening the door to compensation claims.

A Midlands-based pension adviser firm has failed and been declared in default by the Financial Services Compensation Scheme, the industry compensation safety-net.

A financial adviser firm - Chesterton Grant Limited of Yorkshire - has been declared as failed by the Financial Services Compensation Scheme after a complaint about SIPP advice against the firm was upheld.