The Financial Services Compensation Scheme (FSCS) has told clients of failed SIPP provider Forthplus Pensions to bring claims against their financial advisers.

In 2020/21 61.3% of pension pots over £50,000 cashed in were taken without financial advice, a rise from the 58.9% seen the previous year.

Median household net wealth held steady for the period April 2018 to March 2020 at £302,000, according to the latest figures from the Office for National Statistics.

The Financial Services Compensation Scheme has declared a Nottingham-based wealth manager in default amid a flood of claims, many relating to SIPPs transfers.

I have written before about my concerns about the way the Financial Ombudsman Service is reaching decisions in cases involving SIPPs and SIPP investments and the implications for SIPP providers and advisers.