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

The FCA has cancelled the permission of KBFS Financial Limited (FRN: 831504) to carry out regulated business following restrictions imposed in October over concerns about its failure to pay redress to former members of the British Steel Pension Scheme.

Liverpool wealth manager Blankstone Sington Ltd (FRN: 143694) has been declared as failed by the Financial Services Compensation Scheme.

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

Net adviser platform flows fell to £655m in the fourth quarter of 2023, their lowest total on record, according to analyst Fundscape.