The Financial Conduct Authority has banned Darren Reynolds and Andrew Deeney of Active Wealth Limited for dishonest pension transfer advice.

The FCA has banned financial advisers Keith Dickinson and Andrew Allen for British Steel Pension Scheme transfer advice failings and ordered them to pay £155,000 in compensation.

The Financial Conduct Authority plans to fine company directors Toni Fox £681,536 and David Price £632,594 over their roles in £392m of mostly "flawed" pensions transfers.

The FCA has issued new guidance to advisers on giving pension transfer advice to vulnerable clients.

Pension transfer activity has continued its downward decline, hitting a five year low in July and dropping to half the level seen a year earlier.

DB transfer values fell 8% in the second quarter, according to the latest data from XPS Pensions Group.

The Financial Services Compensation Scheme has opened its doors to claims against two firms passporting into the UK to advise on pension transfers.

The FCA has warned of increased risk to consumers when overseas firms refer defined benefit (DB) scheme members to UK firms - including SIPP firms - for pension transfer advice.

XPS Pension Group’s Transfer Value Index fell by 4% in February to £168,000, the lowest month-end value since the Index was first published in June 2016.

The FSCS has declared pension transfer adviser Portal Financial Services LLP (FRN501272) as failed after the firm went into compulsory liquidation following a string of complaints.