The latest XPS Pension Transfer Watch report has highlighted that pension transfer volumes were 50% lower in March than a year earlier.

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.

Rising gilt yields and falling inflation expectations have pushed the typical value of a DB pension transfer to its lowest level in seven years.

The FCA has fined Pembrokeshire Mortgage Centre Limited (trading as County Financial Consultants) £2,354,331 for providing "woeful" and unsuitable advice to consumers to transfer out of the British Steel Pension Scheme (BSPS) and other defined benefit (DB) pension schemes.