The majority of the £403m of claims to the Financial Services Compensation Scheme in 2022/23 were due to investment and pension advice as well as SIPP operator failures.

The Financial Services Compensation Scheme has declared in default a Sipp adviser firm and three other advice firms.

The Financial Services Compensation Scheme has launched an investigation into Newport-based Niche Independent Financial Advisers Ltd (FRN: 472635).

The Financial Services Compensation Scheme has cut its 2023/24 levy for the Life Distribution & Investment Intermediation class - which includes financial advisers -by £4.4m.

The Financial Services Compensation Scheme has opened its doors to claims against two firms passporting into the UK to advise on pension transfers.

The Financial Services Compensation Scheme has launched an investigation into Newport-based Prism Independent Financial Advisers Ltd (FRN: 515431).

The Financial Services Compensation Scheme has begun an investigation into Chester-based pension adviser Arrow Financial Services UK Ltd, trading as Arrow Asset Management (FRN 528826).

SIPP provider DAC Pensions - which had more than 600 clients and nearly £27m in assets under administration - has been declared in default by the FSCS, opening the door to compensation claims.

The Financial Services Compensation Scheme has declared Cardiff-based pension firm The London Trading Company (UK) Ltd (FRN: 678985) in default.

The Financial Services Compensation Scheme has declared four more firms in default, two with links to the British Steel Pension Scheme (BSPS).