The FCA says that 47% of the DB pension transfer advice given to members of the British Steel Pension Scheme was ’unsuitable’ with only 21% ’suitable.’

The Financial Conduct Authority says it will ban most contingent charging on DB pension transfers as part of a raft of measures designed to tackle ‘weaknesses’ in the DB transfer market.

LEBC Group, the pensions and financial advice company founded by a Chartered Financial Planner, remains in “buoyant mood” despite making a financial year loss of £401,000 last year and having to withdraw from DB transfer advice.

The Personal Finance Society says it has received new evidence that some of its 40,000 members are being hit with huge increases in Professional Indemnity premiums and facing restricted cover.