The FCA has banned Nigel Lewis and Susan Jones of West Wales Financial Services Limited (in liquidation) (FRN: 756482) from advising customers on pension transfers and pension opt outs after accusing them of performing "a double act of carelessness and incompetence" in relation to BSPS advice.

The Financial Conduct Authority (FCA) has imposed restrictions on KBFS Financial Limited following concerns over its failure to pay redress to former members of the British Steel Pension Scheme.

BSPS-linked advice firm DC Financial Limited (FRN: 170299) has been declared as failed by the Financial Services Compensation Scheme.

Twelve firms entered default in August and September, including ten financial adviser firms and two credit unions, the FSCS has confirmed today.