Pension adviser Portal Financial Services LLP has shut its doors to new business following a string of complaints to the Financial Ombudsman Service, many brought recently by Claims Management Companies.

Pension group XPS has reported a 5% rise in profit (adjusted EBITDA) for the year ending 31 March and 7% total revenue growth, driven by client demand across the firms pensions divisions.

Chartered Financial Planner Darren Antony Reynolds has been banned from being a director for 13 years for pension transfer failings which resulted in clients losing £24m from their pensions.

Financial Planning firm Insight Financial Associates has been fined after failing to advise on a property investment when recommending a SIPP switch in 2010.