The Financial Conduct Authority has banned Darren Reynolds and Andrew Deeney of Active Wealth Limited for dishonest pension transfer advice.

The Financial Services Compensation Scheme (FSCS) has revealed it has so far paid out £1.1m to former Active Wealth clients hit by the British Steel pensions debacle.

The FCA has issued a warning about scammers running a clone of Bestinvest, the well known direct investment and SIPPs firm run by Financial Planner and wealth manager Tilney.

The Financial Services Compensation Scheme has listed 11 failed advice firms it declared in default in March in a move which will mean some British Steel Pension Transfer clients being compensated.