The Financial Services Compensation scheme has declared City of London-based adviser firm Alexander David Securities Ltd (FRN 469150) in default.

Seven out of 10 Claims Management Companies (CMCs) contacted by the FCA in a recent intervention have halted unregulated claims activity.

The Financial Services Compensation Scheme, the government-backed body which compensates clients of failed regulated firms, has confirmed that it declared six financial services in default over the past two months.

The Financial Services Compensation Scheme has opened an investigation into Surrey adviser firm Independently East Ltd (FRN488046) after the firm entered compulsory liquidation earlier this week.