Pension adviser Portal Financial Services LLP has shut its doors to new business following a string of complaints to the Financial Ombudsman Service, many brought recently by Claims Management Companies.

DB pension transfer values recovered in March after dipping in February, according to the monthly XPS Transfer Watch.

Pension consultant Willis Towers Watson has warned that pension schemes could be forced to top up 100,000 historic pension transfer payments following a High Court ruling.

The FCA says that 47% of the DB pension transfer advice given to members of the British Steel Pension Scheme was ’unsuitable’ with only 21% ’suitable.’