Financial Planner Tilney is in talks with wealth manager Smith & Williamson over a potential merger, it can be revealed.

The joint administrators of GPC SIPP have concluded the sale of the business to Hartley Pensions following a period of marketing.

Smith & Williamson, the financial and professional services group, has announced boosted funds and profits in a “solid” performance for the year ended 30 April.

Four parking scheme firms, investments in which were sold through SIPPs providers, have slumped into administration.