The FCA has issued new guidance to advisers on giving pension transfer advice to vulnerable clients.

Pension transfer activity has continued its downward decline, hitting a five year low in July and dropping to half the level seen a year earlier.

Two financial advice firms - one in Cardiff and one in Bristol - have been declared in default by the Financial Services Compensation Scheme with a combination of over 100 claims related to pension transfer advice.

Financial adviser Denis Lee Morgan has been banned by the FCA from advising on pension transfers and opt outs following British Steel Pension Scheme advice failings.