St James's Place, one of the UK’s largest wealth managers and a significant SIPP adviser, suffered a 21% fall in its share price at one point today after announcing a review of its much-criticised fees and charges.

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

Four Financial Planning and wealth management firms are included in the table of most complained-against financial services firms published by the Financial Ombudsman Service for the first half of 2023.

Pension services and SIPP provider STM has been acquired by Guernsey-based investment vehicle Pension SuperFund Capital in a £39.8m deal that was extended several times since first being announced in July.

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

Software, training and support services provider PlanHappy is to launch an adviser platform.