The Financial Services Compensation Scheme (FSCS) has declared nine firms in default today, paving the way for consumers to be compensated for their losses.

The Chartered Institute for Securities & Investment is urging UK Financial Planners to sign up for Financial Planning Week 2018 which runs from 3 to 10 October and aims to raise the national profile of Financial Planning through a campaign of consumer engagement.

The Financial Ombudsman Service has told banks they should take into account the “evolution and sophistication” of frauds and scams – and not simply assume that their customers were “grossly negligent.”  

The Association of British Insurers has revealed that fraudsters are submitting a scam claim every minute of the day, underlining what it calls “the true extent of insurance fraud in the UK” which now amounts to £1.3bn a year.

The FCA is set to take over regulation of claims management companies and estimated the cost to be in the region of £17m.

The FCA has commenced a criminal prosecution against a man over unauthorised investment schemes.

Aberdeen Standard Investments has launched a new fund that utilises machine learning to identify sources of potential returns.

The tax collected from individuals breaching the Lifetime Allowance (LTA) has rocketed by £100m since it was introduced in 2006, with the latest figures showing that £110m in tax was collected from individuals exceeding the allowance during 2016/17, compared with less than £10m in 2006/7 when the LTA was introduced.

A new survey suggests financial services workers are among the worst in the UK at tackling workplace stress with 49% saying they do little or nothing to reduce stress levels due to work.

Fintech firm Origo has joined Scottish Financial Enterprise, as it continued its expansion across the UK.