Two more adviser firms have been declared as failed today - increasing the number listed as failed or under investigation by the Financial Services Compensation Scheme this week to seven.

New data from actuarial consultancy OAC suggests that pension savers submitting a complaint about pension transfer advice would now receive just £12,000 in compensation, about half the amount they would have received at the beginning of the year and well below the levels of two years ago.

The FSCS's estimated costs in paying exit charges to allow trapped Hartley Pensions clients to transfer their money elsewhere has risen by £2m to £38m and could rise further.

The FSCS has declared nine financial services firms in default during December and January, including several financial advisers.