Defined benefit pension transfer values held up close to their record high for most of September but slipped in the last 10 days of the month due to a sharp increase in government bond yields.

The Financial Conduct Authority (FCA) has confirmed that it will start a periodic review of pension transfers redress guidance by the end of 2021.

Defined benefit transfer activity increased in June for the third month in a row to high the highest levels seen since July 2020.

The ban on contingent charging and the pandemic have resulted in a major slump in pension transfers, according to new research.