Swansea financial adviser Simon Hughes has been banned by the FCA and made to pay £158,600 redress for “negligent” pension advice which has led to £8m compensation being paid to his BSPS-member clients.

The FCA has banned financial advisers Keith Dickinson and Andrew Allen for British Steel Pension Scheme transfer advice failings and ordered them to pay £155,000 in compensation.

Forty financial advice firms hit by BSPS claims have so far failed with a further seven under investigation, latest FSCS data shows.

Scottish financial adviser firm MLM Wealth Management Limited (trading as MLM Financial Services / FRN 784277) has been declared as failed by the Financial Services Compensation Scheme (FSCS).