The Financial Conduct Authority says it is concerned about weaknesses in ESG benchmarks, telling administrators in a letter that disclosures are “poor.”

The Philips Trust Corporation Limited - which administered 2,400 trusts - has gone into administration.

The Financial Services Compensation Scheme (FSCS) is drawing up plans to help eligible customers of Reyker Securities, which went into special administration on Tuesday.

Reyker Securities, a firm which offered structured investments and a DFM service, has slumped into administration.