A self-appointed Essex ‘tax adviser’ with no financial qualifications is behind bars after he told clients how to fraudulently claim £1.5m in tax repayments.

Bedford-based financial adviser firm Total Wealth Solutions is being voluntarily wound up after the firm had a complaint upheld against it by the Financial Ombudsman Service over pension transfer advice to move a client's money to a fund linked to a Brazilian rainforest scheme.

Commission accounted for 26% of revenue earned by advisers in 2016, an FCA report found.

An advice firm has chosen 21 year-old student Matthew Fagan to head up a scheme to train advisers in South Africa who will then serve UK clients online via video link.