New data from actuarial consultancy OAC suggests that pension savers submitting a complaint about pension transfer advice would now receive just £12,000 in compensation, about half the amount they would have received at the beginning of the year and well below the levels of two years ago.

Redditch-based Go IFA Ltd has become the fifth advice firm this week to be declared as failed or under investigation by the FSCS.

The Financial Services Compensation Scheme has launched an investigation into a duo of connected Dorset financial adviser firms following advice given to members of the British Steel Pension Scheme.

Pension transfer activity fell to its lowest level in over six years in February, according to the latest data from pensions consultancy XPS.