BSPS-linked advice firm DC Financial Limited (FRN: 170299) has been declared as failed by the Financial Services Compensation Scheme.

Twelve firms entered default in August and September, including ten financial adviser firms and two credit unions, the FSCS has confirmed today.

Financial Planning group Tavistock has seen an improvement in trading after last month reporting a loss of nearly £1m.

Swansea financial adviser Simon Hughes has been banned by the FCA and made to pay £158,600 redress for “negligent” pension advice which has led to £8m compensation being paid to his BSPS-member clients.