The FCA has revoked permission to carry out regulated business of City of London-based Portia Investment Advisors Ltd (FRN582587) after it failed to confirm required details of authorised directors.

Two independent directors of the Personal Finance Society have quit the board and will fight to try and block the potential transfer of £19m in PFS reserves to the CII.

PFS member directors and co-opted advisers on the PFS board have called for an Extraordinary General Meeting to be held in the next two weeks to find a way forward from the current deadlock with parent body the CII.

Three directors - two of them IFAs - have been fined and disqualified as directors over a £44m SIPP mis-selling scheme.