The FCA is planning to open the door to millions of consumers receiving ‘financial guidance’ on their personal finances which stops short of regulated financial advice.

Proposals from the FCA would require investment advisers to set aside a minimum of 28% of potential liabilities in advance to compensate investors if bad advice is given.

The FCA has secured a Restraint Order under the Proceeds of Crime Act 2002 against collapsed Newcastle-based wealth manager WealthTek, a parent company to a SSAS and SIPP investments provider. 

There was a near 10,000 rise in the number of complaints about SIPPs and non-workplace pensions in the first half of 2023, according to the latest FCA Complaints Data report.

Liverpool wealth manager Blankstone Sington (FRN 143694) has gone into special administration following a company-requested court order under the Investment Bank Special Administration Regulations 2011.

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

Swansea Financial adviser Simon Hughes has been banned by the FCA and made to pay £158,600 redress for “negligent” pension advice which has led to £8m compensation being paid to his BSPS member clients.

Financial Planning firms need to assess their retirement income advice in advance of the FCA’s impending review of the retirement income market, a compliance firm has warned.

The Financial Conduct Authority has banned Darren Reynolds and Andrew Deeney of Active Wealth Limited for dishonest pension transfer advice.

The FCA has banned financial advisers Keith Dickinson and Andrew Allen for British Steel Pension Scheme transfer advice failings and ordered them to pay £155,000 in compensation.