The Financial Services Compensation Scheme has launched an investigation into a duo of connected Dorset financial adviser firms following advice given to members of the British Steel Pension Scheme.

The FCA has fined Huddersfield-based Inspirational Financial Management Ltd (FRN 223511) £897,840 after it poorly advised people to transfer out of DB pension schemes, including the British Steel Pension Scheme (BSPS).

The Financial Conduct Authority has cancelled the permission of KBFS Financial Limited (FRN: 831504) to carry out regulated business following restrictions imposed in October over concerns about its failure to pay redress to former members of the British Steel Pension Scheme.

The Financial Services Compensation Scheme (FSCS) has declared South Wales-based Niche Independent Financial Advisers Ltd (FRN: 472635) as failed.