The Financial Services Compensation Scheme is investigating two failed adviser firms, including one hit with claims over SIPP advice.

Total advised customer numbers for platform and SIPP provider AJ Bell rose 10% year-on-year to 156,368 for the quarter ending 30 June.

The Competition and Markets Authority is to investigate the merger between platform Nucleus and SIPP provider Curtis Banks.

The majority of the £403m of claims to the Financial Services Compensation Scheme in 2022/23 were due to investment and pension advice as well as SIPP operator failures.

Integrafin, parent company of adviser platform Transact, has reported advised client numbers climbed to a record 229,000 in the three months to the end of June.