Staffordshire-based pensions adviser Quadros Financial Solutions Ltd (FRN: 764760) has been declared as failed by the Financial Services Compensation Scheme.

The total levy to pay for the cost of the Financial Services Compensation Scheme is set to soar by £145m from £270m this year to £415m in 2024/25.

The Financial Services Compensation Scheme has so far paid out just over £9.7m on 234 successful claims against failed firm Portal Financial Services LLP, formerly Portafina LLP (FRN 501272).

The FSCS, the government-backed financial safety net scheme, has published a series of case studies to warn consumers about the potential risks of consolidating pensions into one plan.

Wellington Court Financial Services Limited, which was declared in default by the FSCS in June, has had its temporary permissions revoked by the FCA.

Former Milton Keynes financial adviser firm Mike Norris Financial Services (FRN 542126) has been declared as failed by the Financial Services Compensation Scheme.

The FSCS has declared three financial adviser firms as failed, opening the door to compensation claims from ex-clients.

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

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.

The Financial Services Compensation Scheme has declared in default a Sipp adviser firm and three other advice firms.