Canada Life has this morning closed its onshore bond and personal pension plan to new business with immediate effect after the company decided it could no longer be competitive in the areas.

The Financial Services Culture Board (FSCB) - a body aiming to improve the standards and culture of the financial services sector - is to close after eight years due to finances drying up.

Pension adviser Portal Financial Services LLP has shut its doors to new business following a string of complaints to the Financial Ombudsman Service, many brought recently by Claims Management Companies.

Woodford Investment Management, the high profile fund manager set up by Neil Woodford, is to close after it lost most of its remaing fund management contracts.