The Financial Services Compensation Scheme has opened an investigation into Surrey adviser firm Independently East Ltd (FRN488046) after the firm entered compulsory liquidation earlier this week.

In 2022/23 the Financial Ombudsman Service received 21,918 fraud and scam complaints, a rise of almost a fifth compared to the 18,450 reported in 2021/22.

There were 1,823 complaints to the Financial Ombudsman Service about financial advisers in 2022/23, the same number as the previous year.

The UK’s financial regulators have claimed that by working together they achieved better outcomes for members of the British Steel Pension Scheme (BSPS) as well as savers thinking of transferring their pensions.