The Financial Conduct Authority has banned five directors of financial advice firms from working in financial services and fined them over £1m.

Defined benefit pension (DB transfer) activity fell to its lowest level since September 2020 in April but red flag cases rose to a three-month high.

A major trial involving an alleged £13.7m pension transfer fraud has been set to take place in June 2022 after three people appeared in court this week.

Six people have been questioned in connection with a suspected pension fraud as part of a criminal investigation by The Pensions Regulator (TPR).