The FCA has issued a warning notice to a pension adviser it has branded “reckless” after they gave unsuitable advice to customers to transfer out of their DB scheme over a four year period.

The Financial Conduct Authority has banned financial adviser Geoffrey Armin for "seriously incompetent" advice on £125m of pension transfers which resulted in losses for clients of nearly £4m.

Two men who masqueraded as advisers to defraud pension savers of £20m have been jailed.

A record high 78% of pension transfers raised at least one warning sign of potential scam activity in April.