Many advisers are failing to provide pension transfer advice of an "acceptable standard" says the FCA which is to scrutinise the harm to consumers from advisers who levy ‘excessive fees and charges.’

More than 30 financial advisory firms have quit the pension transfer advice market in the past three months after struggling to find professional indemnity insurance cover, the Personal Finance Society has said.

December was the fourth month in a row where pension transfer values monitored by XPS fell, although the number of people making a transfer rose.  

Soaring SIPP claims have forced the Financial Services Compensation Scheme to increase its levy for 2020/21 by £87m to £635m. 

Former Pensions Minister Sir Steve Webb is to become a partner at growing pensions and investment consultancy Lane Clark & Peacock LLP.