Three financial advisers who pocketed almost £6m in ‘marketing fees’ relating to a SIPP which included inappropriate high-risk bonds, have been penalised almost £4m by the FCA and prohibited from any regulated activity.

The Financial Services Compensation Scheme has revealed that it has so far paid out £22m to the 16,000-plus victims of the Beaufort DFM collapse.

The Financial Services Compensation Scheme has compensated a further 754 clients of failed DFM firm Beaufort Securities, pushing the number so far paid out to 16,100.

AFH, the wealth manager and Financial Planning firm led by a Chartered Financial Planner, has acquired the client portfolios of the Colwyn Bay office from the administrators of Beaufort Asset Clearing Services Limited and the joint administrators of Beaufort Securities Limited.