Advisers should avoid ‘panic’ buying DB transfers on the assumption rates will only go in one direction, according to a new report.

Nikhil Rathi, chief executive of the Financial Conduct Authority, is to face questioning from MPs as part of the Public Accounts Committee’s inquiry into the British Steel Pension Scheme transfer scandal.

Financial Planner and wealth manager Quilter, one of the UK's largest adviser firms, has allocated an additional £7m for redress of British Steel Pension Scheme members and confirmed it cut 200 Financial Planner jobs in 2021.

The proportion of DB transfers showing red flags for a potential scam or poor member outcomes rose to 50% in January.