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.

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

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

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

Data and research provider Defaqto - which provides Engage Financial Planning software - has launched a pilot for new Consumer Duty Profiles for selected product providers in the personal pension, SIPP and adviser platform spaces.