A property investment company and a connected security trustee firm have been wound up by the courts after defrauding £2.85m from clients who believed their investments were protected.

A Wolverhampton financial adviser has been banned for 8 years after clients lost £7m due to poor pension investment advice involving SIPPs.

 The FCA and other financial regulators are to launch a joint working group to tackle phoenixing in financial services.

Since 2015, the Insolvency Service has applied to the courts to wind-up 24 companies that have carried out a form of pension misuse.