Three financial advisers who pocketed almost £6m in ‘marketing fees’ relating to a SIPP which included inappropriate high-risk bonds, have been penalised almost £4m by the FCA and prohibited from any regulated activity.

The FCA has provisionally decided to ban and fine three individuals who were involved in running SVS Securities Plc, a discretionary fund manager which went into administration five years ago.

The Financial Conduct Authority has fined City broker ED&F Man Capital Markets a record £17.2m for “serious failings” in its oversight of cum-ex trading.

TSB Bank has been fined £48.65m by the FCA and PRA for "operational failures" that led to customers being unable to access banking services.