The asset transfer has been approved by the Financial Conduct Authority after an "extensive consultation".

The company said in a statement: “We are delighted to announce that five years on from LEBC and Aspira joining forces we have agreed with the FCA that we can amalgamate the two businesses into one single business going forwards.”

According to the statement: “The Financial Conduct Authority indicated that a Past Business Review had highlighted potential or apparent historic systematic failings in the advice process in relation to defined benefit pension scheme transfers.

“The directors of the company have since engaged extensively with the FCA and explored the restructuring options available to the company which resulted in a sale of the business via a prepackaged administration.”

All LEBC staff and clients will to be transferred to Aspira with immediate effect.

Daniel Conway and David Hudson of FRP Advisory Trading Limited were appointed as joint administrators yesterday and will manage the affairs, business and property of the company.

The company’s statement said: “Creditors are able to make claims in the administration and should do so by completing a proof of debt form and returning this to the Administrators, together with documents to substantiate the claim.”

Customers' underlying pension and investment assets remain unaffected by this process.

LEBC and Aspira chief executive Derek Miles, who joined in November last year, will remain in the role alongside other senior managers.

He said: "This FCA-agreed combination is a logical consolidation of the two businesses' expertise and will provide an enhanced proposition for our clients and their customers.

"All LEBC staff and personnel will be incorporated into Aspira, with the shared management team unchanged.

"I look forward to leading the combined company as we continue to provide high-quality advice to our expanded client base."

Aspira said the combination will provide pensions and investment advice to more than 1,600 corporate entities and more than 15,000 individuals with around £4bn of assets under advice.