Wealth management trade body PIMFA has urged MPs to consider a Treasury-run compensation package for British Steel Pension Scheme victims similar to the one used for London Capital & Finance mini-bond investors.

The Financial Conduct Authority (FCA) is getting better at timely consumer interventions, chief executive Nikhil Rathi has told MPs during their probe into the British Steel Pensions Scheme (BSPS) scandal.

Yorkshire-based Briggs Murray Financial Planning & Wealth Management and Newcastle-based Whitebridge Financial Planning have been declared in default by the Financial Services Compensation Scheme.

The Financial Conduct Authority today used emergency powers to block many of the financial advice firms who gave advice to members of the British Steel Pension Scheme (BSPS) from selling assets to avoid paying compensation.