Forty financial advice firms hit by BSPS claims have so far failed with a further seven under investigation, latest FSCS data shows.

South Wales Advice firm The Financial Planning Practice (FRN: 223388) has failed, the Financial Services Compensation Scheme said.

The FCA has banned financial adviser Mark Abley of County Capital Wealth Management Ltd and told him to pay £106,100 to the Financial Services Compensation Scheme (FSCS) for poor pension transfer advice to BSPS members.

The FCA has today forced a further three firms to reverse the effects of misleading British Steel Pension Scheme (BSPS) offers.