Yorkshire-based Briggs Murray Financial Planning & Wealth Management and Newcastle-based Whitebridge Financial Planning have been declared in default by the Financial Services Compensation Scheme.

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.

The FCA has stepped in to bar South Wales adviser firm David Stock & Co Limited (DS&C) - which advised BSPS clients on pension transfers - from disposing of assets without permission.

The Personal Finance Society has made a timely call for more ‘proportional’ regulation following the publication by the FCA of its new three year business strategy plan, which arrived recently along with news of some chunky fee increases.