Claims management companies and law firms are submitting two thirds of all SIPP complaints - double the percentage seen in the previous year, according to Financial Ombudsman Service (FOS) figures out today.

A survey by pensions firm XPS has revealed that each year 70,000 Defined Benefit scheme members are using the Pension Freedoms to leave their schemes - with most shifting their money to a SIPP.

The Financial Services Compensation Scheme (FSCS) will impose a levy of £532m on firms this year, £16m more than it forecast in January but £42m lower than the equivalent figure last year.

Baillie Gifford, the Edinburgh-based investment management partnership, is to transfer its investment trust savings scheme, including its ISA, Share Plan and Children’s Savings Plan, to Hargreaves Lansdown.