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

The Financial Services Compensation Scheme (FSCS) has declared 12 regulated firms in default in February and March.

Two more adviser firms have been declared as failed today - increasing the number listed as failed or under investigation by the Financial Services Compensation Scheme this week to seven.

New data from actuarial consultancy OAC suggests that pension savers submitting a complaint about pension transfer advice would now receive just £12,000 in compensation, about half the amount they would have received at the beginning of the year and well below the levels of two years ago.