Financial advisers who gave bad advice to BSPS victims have been ordered to pay just £8.87m in fines and redress to BSPS victims - far less than the £50m expected, an FCA report out today reveals.

The Financial Services Compensation Scheme (FSCS) has declared Sheffield-based Abbey Lane Financial Associates Limited (FRN 649170) as failed.

The FCA has banned Nigel Lewis and Susan Jones of West Wales Financial Services Limited (in liquidation) (FRN: 756482) from advising customers on pension transfers and pension opt outs after accusing them of performing "a double act of carelessness and incompetence" in relation to BSPS advice.

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.