A man who took part in a major unauthorised collective investment (UCIS) scam - which ripped off investors to the tune of £5m - has today been jailed for an additional 400 days for failing to pay the full amount of a court Confiscation Order made against him.

The FCA has today fined Bluefin Insurance Services Limited (Bluefin) £4,023,800 for having inadequate systems and controls and failing to provide information to customers about its independence in a way that was “clear, fair and not misleading.”

Four men will be sentenced later this month for their involvement in an investment scheme scam which saw more than 300 investors - many of them retired or vulnerable - ripped off for a total of £1.4m.

The Financial Conduct Authority has today publicly censured Capita Financial Managers Limited (CFM) and ordered the firm to pay up to £66m to investors in one of its income funds.