The Financial Services Compensation Scheme has launched an investigation into Newport-based Niche Independent Financial Advisers Ltd (FRN: 472635).

The Financial Services Compensation Scheme (FSCS) has today declared 17 firms in default - most of them adviser businesses - opening the door to clients claiming compensation.

The Financial Conduct Authority has warned that some firms could be involved in “malpractice” by making unsolicited offers to former British Steel Pension Scheme (BSPS) members who have not yet made complaints.

New emergency asset retention rules from the Financial Conduct Authority (FCA) have been applied to 101 firms who provided pension transfer advice for former British Steel Pension Scheme (BSPS) members.