Two advice firms have been declared failed by the Financial Services Compensation Scheme this week, including a Financial Planning firm which has 25 pension transfer claims against it, including BSPS cases.

The number of pension transfers rose by 41% in July, the highest level recorded since January.

Almost half (44%) of amber pension transfer scam warning flag guidance sessions are being conducted without knowledge of why the flag was raised, according to the Money and Pensions Service (MAPS).

The number of annual pension transfers has risen by 64% since 2018, according to a new report.