The High Court ruled in favour of the FCA in a civil action against two firms and their directors who induced clients to transfer their pensions in SIPPs and alternative investments without FCA authorisation.

Almost £10bn was transferred out of defined benefit pensions in the final quarter of 2019, according to official data.

Wealth manager and SIPP provider Charles Stanley has appointed former Brown Shipley chief executive Ian Sackfield as managing director, investment management services (branches) to lead the firm’s 20 regional offices.

Mr Sackfield, who was rival Brown Shipley’s CEO for nine years, will have responsibility for driving business development and productivity, as well as branch oversight. 

He will join the firm’s executive committee and will report to head of investment management services, Peter Kelk.

The role is newly created and is based in Manchester.

Mr Sackfield has over 20 years’ board-level experience in financial services, including in a client-facing role as client director for over 18 months. 

Mr Kelk said: “Our recent financial results show the division is performing well, and this appointment reflects our continued commitment to our branch network outside of London. 

“Ian will provide the overarching, dedicated focus needed to guide it through a fast-changing commercial landscape. In his role, both as an ExCo member and head of the branches, he brings the depth of leadership, management and client facing experienced required.  I am delighted that he has chosen Charles Stanley for the next stage of his career and to welcome him to the team.”

Mr Sackfield said: “Charles Stanley has a long track record and a reputation for innovation and delivering high levels of personalised, customer service.  It has a strategy that is clearly delivering and is at an exciting stage of its transformation programme.  I am looking forward to being part of its clear growth trajectory and playing a part by contributing in a significant way.”

Pension group XPS has reported flat profits for the 12 months ending 31 March at £11.4m but remains positive about the year ahead.

Britain has dropped down the rankings of the best European countries for retirees in 2020.