Financial Planners are being driven from the defined benefit pension transfer market due to an inability to secure affordable professional indemnity insurance, according to the Personal Finance Society.

The FCA has commenced civil proceeding in the High Court against Paul Steel for providing unsuitable defined benefit pension transfer advice.

The Financial Conduct Authority ban on contingent charging on DB pension transfer advice comes into force today.

DB transfer values fell from July’s record-high to levels similar to pre-lockdown in August, while the number of members asking for a transfer value also declined, according to a new report.