A City-based securities company linked to a wealth manager and three other appointed reps has gone into liquidation after FCA intervention, opening up possibility of at least £1.3m of claims to the Financial Services Compensation Scheme.

The FSCS has joined forces with the FCA and Financial Ombudsman Service to investigate a Telford-based pension transfer adviser with links to a Portuguese expat specialist company.

The Financial Services Compensation scheme is investigating Wellington Court Financial Services Ltd over the transfer of client pensions into a SIPP.

The Financial Services Compensation Scheme has declared 11 firms in default in April and May, including several Financial Planning and advisory firms and a number of credit unions.