There was a last-minute surge of activity from SIPP investors at the end of the tax year as they used the week after the Easter bank holiday to max their annual allowances.

More than half of all pension pots are still being cashed out in full, as fewer people seeking professional guidance, new figures from the FCA have revealed.

The FCA’s latest retirement income market data for 2022/23 published today has revealed that the overall value of money being withdrawn from pension pots is falling, dropping 5% to £43.199m from £45,638m in 2021/22.

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.

Redditch-based Go IFA Ltd has become the fifth advice firm this week to be declared as failed or under investigation by the FSCS.