The Financial Conduct Authority today used emergency powers to block many of the financial advice firms who gave advice to members of the British Steel Pension Scheme (BSPS) from selling assets to avoid paying compensation.

Mini-bond provider Vector Wealth has gone into administration today after an application to the High Court by a director of firm to wind up the business.

The FCA has expressed concerned about “weaknesses” in financial crime controls at some Challenger banks.

The FCA has relaunched its pension transfer ‘advice checker’ tool for consumers to help them assess whether they have received unsuitable advice.