Pension scam warning ‘flags’ have climbed to their highest level in nine months, according to a warning from pensions consulting and administration business XPS.

The Financial Services Compensation Scheme (FSCS), the industry-funded safety net for consumers, has warned it is seeing a rise in more complex SIPP claims after it paid out a total of £423m in compensation in its 2023/24 year. 

Three financial advisers who pocketed almost £6m in ‘marketing fees’ relating to an SIPP which included inappropriate high-risk bonds, have been penalised almost £4m by the FCA and prohibited from any regulated activity.

The number of teachers opting out of the Teachers’ Pension Scheme has climbed 14% to 13,112 during the past 12 months, data collected by the Department for Education has revealed.

Average transfer times for DC pensions fell by 14.2 in the 18 months to the end of June 2024, according to new figures published by fintech Origo.

The High Court has approved a plan to return money and customer assets to clients of failed Newcastle-based wealth manager WealthTek which has a SIPP arm.