Three financial advisers who pocketed almost £6m in ‘marketing fees’ relating to an SIPP which included inappropriate high-risk bonds, have been penalised almost £4m by the FCA and prohibited from any regulated activity.

The High Court has approved a plan to return money and customer assets to clients of failed Newcastle-based wealth manager WealthTek which has a SIPP arm.

London-based IFA firm Donre Advisory Limited (FRN 513993), which previously traded as Basi & Basi Financial Planning Limited and has a SIPP subsidiary, has gone into liquidation two months after the FCA imposed restriction on its business activities.

The average salary at the FCA has risen by an average of 4.8% this year to £71,290, with some younger staff members receiving an 11.2% increase.

The FCA is to consult on introducing compulsory criminal background checks on firm owners and controllers applying for authorisation from January 2025.

The FCA has provisionally decided to ban and fine three individuals who were involved in running SVS Securities Plc, a discretionary fund manager which ran a SIPP and went into administration five years ago.

The FCA has urged victims of unauthorised financial adviser Ian James Hudson to come forward by 3 July after a court ordered compensation for his victims.

The UK’s financial regulators say working together has improved outcomes, particularly in relation to failings by SIPPs operators, the British Steel Pension Scheme scandal and the introduction of Consumer Duty.

The Financial Conduct Authority has warned clients of failed SIPP firm Hartley Pensions to be wary of scams or fraudsters as administrators of the collapsed provider begin to send out information about the transfer out process.

The FCA has provisionally banned two financial advisers for “acting without integrity” in relation to SIPPs pensions advice involving £10m of investments.