Advice firm Bartholomew Financial Limited has been declared in default by the Financial Services Compensation Scheme (FSCS) whilst facing 12 claims.

Two advice firms have been declared failed by the Financial Services Compensation Scheme this week, including a Financial Planning firm which has 25 pension transfer claims against it, including BSPS cases.

Almost half (44%) of amber pension scam warning flag guidance sessions are being conducted without knowledge of why the flag was raised, according to the Money and Pensions Service (MAPS).

The number of annual pension transfers has risen 64% since 2018, according to a new report.

The Financial Services Compensation Scheme has declared two advice firms in default with over 88 pension transfer claims between them.

It’s been eight months since the DWP made changes to the statutory right to transfer. Over that time the number of transfers being held up by the new anti-scam measures appears to have steadily increased.

Glasgow-based IFA Cowley & Miller Independent Financial Services Limited has failed after the firm was hit with 34 claims from clients, most related to pension transfers.

The Pension Regulator (TPR) and DWP have amended guidance on tough pension transfer regulations introduced in November last year.

The Financial Services Compensation scheme is investigating Wellington Court Financial Services Ltd over the transfer of client pensions into a SIPP.

A record high 78% of pension transfers raised at least one warning sign of potential scam activity in April.