The Financial Services Compensation Scheme has declared as failed a Midlands financial adviser hit with a string of claims related to pensions and SIPPs.

FSCS declared seven failed firms in default in August and September, it reported today - opening the door to compensation claims from customers.

The FSCS is to close its compensation scheme for victims of the failed £237m mini-bond provider London Capital & Finance (LCF).

Two advice firms have been declared failed by the Financial Services Compensation Scheme this week, including a Financial Planning firm which has 25 pension transfer claims against it, including BSPS cases.