The latest FCA data has revealed that 300 newly-authorised firms failed to survive their first year and nearly 3,000 firms did not make it to their fifth year.

The FSCS has received nearly 3,000 claims against 116 advice firms involved in recommending pension products from failed SIPP firm Rowanmoor.

Glasgow-based IFA Cowley & Miller Independent Financial Services Limited has failed after the firm was hit with 34 claims from clients, most related to pension transfers.

Independent market researchers Plimsoll Analysis has given the IFA firm sector a mixed bill of health with a warning that 327 firms are in danger of failure.