The wealth management firm released a statement which said it had been in dialogue with the FCA, during the regulator’s industry-wide review of the advice being provided on transfers from DB to DC schemes, since October 2015.

The statement read: “In the context of that dialogue, the group is currently undertaking a full review of its work in this area.

“While this review is in progress, the group has taken the decision to cease providing advice in relation to the transfer of safeguarded benefits.”

Mattioli Woods says the impact of the decision on the group’s financial performance was “not expected to be material, with pension transfer advice to individuals with safeguarded benefits contributing approximately 1.6% of direct revenues, and less to profit given the significant compliance costs associated with this activity, in the 11 months ended 30 April 2018.”

The statement added: “Current trading remains in line with expectations and the group will release a full trading update on 4 July 2018 in advance of its final results for the financial year ended 31 May 2018.”