The number of defined benefit pension transfers with at least one warning sign of a potential scam or poor member outcomes has hit its highest level in five months.

The number of DB transfer requests has fallen dramatically since the FCA introduced a ban on contingent charging last year, according to analysis from actuarial firm LCP.

Defined benefit pension (DB transfer) activity fell to its lowest level since September 2020 in April but red flag cases rose to a three-month high.

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