The 498-member Basildon Credit Union Limited (FRN: 213229) has gone into administration and been declared in default by the Financial Services Compensation Scheme (FSCS).

The FSCS and Police Scotland are investigating a Scottish adviser firm after it appeared that insurance premiums and potentially investment contributions were not being passed on to providers.

West Yorkshire adviser firm Reis Financial Planning Ltd (FRN: 673257) has been declared in default by the Financial Services Compensation Scheme today after a first claim against the firm was upheld.