The regulated financial market failed to protect the British Steel Pension Scheme members, according to a damning report from the National Audit Office (NAO) into the wave of bad advice given to BSPS members.

A total of 488 people have so far completed a Pensions Safeguarding Guidance anti-scam interview since the new FCA pension transfer rules were introduced at the end of November.

The latest data on pension transfers from pension firm XPS suggests a “significant increase” in the proportion showing signs of potential scam activity.

The Financial Services Compensation Scheme has declared financial advice firm John Dyer in default.