People who were ill-advised to transfer out of their DB pension are now likely to be due significantly less compensation, according to actuaries and financial services consultancy OAC.

The FCA has won a Confiscation Order for £562,636 against former investment adviser and convicted money launderer Richard Faithfull.

Leeds-based financial adviser Temple Park Financial Services (FRN 163459) has been declared a failed firm by the FSCS after seven claims related to endowment mortgage sales.

The majority of the £403m in claims paid by the Financial Services Compensation Scheme in 2022/23 were due to investment and pension advice including SIPP operator failures.