The Pensions Regulator has warned savers looking to transfer their pension pot during the Covid-19 outbreak that the move is “unlikely” to be in their best long term interests.

International pensions group STM, which bought troubled SIPP firm Carey Pensions last year, is planning further acquisitions in the SIPP and pensions sector as its focuses on the UK.

Liberty SIPP Limited has entered administration, opening the door to FSCS compensation claims for hundreds of clients.

Embark Pensions, which includes EBS Pensions and Rowanmoor, saw a near 14% increase in client numbers in 2019 but a 6% decline in net operating profit, according to annual results.

Platform and SIPP provider AJ Bell has reported client numbers up 22% to 262,179 over the past 12 months.