New data from actuarial consultancy OAC suggests that pension savers submitting a complaint about pension transfer advice would now receive just £12,000 in compensation, about half the amount they would have received at the beginning of the year and well below the levels of two years ago.

The Financial Services Compensation scheme has declared two financial advice firms as failed including a firm which provided advice on SIPPs.

The FSCS has declared a Portuguese financial firm involved in the UK SIPP market in breach of its regulatory permissions as failed.

The Financial Services Compensation Scheme has said that it will pay the exit and administration charge (EAC) that the joint administrators propose to levy on Hartley Pensions Limited (HPL) customers, despite earlier saying that it could not.

Macclesfield-based pension adviser The Chambers Partnership Ltd (FRN 495472) has been declared in default by the FSCS, opening the door to at least one compensation claim.

The Financial Services Compensation Scheme faces a payout of up to £124m after declaring collapsed SIPP and SSAS firm Rowanmoor as failed.

The Financial Services Compensation Scheme has declared Cavendish Incorporated Ltd (FRN: 942176) as in default, opening the door for consumer claims against the firm.

The Financial Services Compensation Scheme has launched an investigation into Newport-based Prism Independent Financial Advisers Ltd (FRN: 515431).

The consumer complaints body the Financial Ombudsman Service is to increase its maximum compensation award from £375,000 to £415,00 from 1 April.

The  Financial Services Compensation Scheme (FSCS) has today declared 13 firms in default - most of them adviser businesses - opening the door to clients claiming compensation.