The Competition and Markets Authority (CMA) has launched a wide-ranging investigation into “suspected anti-competitive arrangements in the financial services sector”.

FCA figures have shown a fall in the number of complaints about regulated firms.

Consumers could get back money they have lost as a result of their dealings with any of the eight failed regulated firms.

The FCA has responded to concerns expressed by members of the British Steel Pension Scheme (BSPS) about some of the financial advice they have received.