Almost £2bn has been lost from UK pension pots and SIPPs since 2019 because of financial advisers and providers going out of business, according to new data from the Financial Services Compensation Scheme.

It’s been a bad week for some adviser firms with no fewer than seven being declared as failed or under investigation by the Financial Services Compensation Scheme.

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.

Redditch-based Go IFA Ltd has become the fifth advice firm this week to be declared as failed or under investigation by the FSCS.