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The FSCS declared five regulated firms in default in February and March, well down on the 12 firms in default in the same period last year, however one of the firms facing the biggest compensation bills - Alexander David Securities Ltd - was linked to SIPPs.

SIPP contributions have soared since President Trump’s tariff announcement, according to Hargreaves Lansdown figures.

Wealth adviser and pensions firm Westerby Group - which recently moved to an employee-ownership model - has acquired specialist pension provider and IFA firm Redswan.

Nikhil Rathi has been reappointed as chief executive of the Financial Conduct Authority for a second five-year term and will be CEO until 2030.

The Pensions Regulator (TPR) and the Pension Scams Action Group (PSAG) have developed an artificial intelligence tool to uncover fraudulent websites.

Glasgow-based adviser firm Executive Benefit Consultancy Ltd (FRN: 207482) has been declared in default by the Financial Services Compensation scheme.

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