The Financial Conduct Authority (FCA) has confirmed that it will start a periodic review of pension transfers redress guidance by the end of 2021.

Defined benefit transfer activity increased in June for the third month in a row to high the highest levels seen since July 2020.

The ban on contingent charging and the pandemic have resulted in a major slump in pension transfers, according to new research. 

Nearly 70% of DB transfers went ahead when contingent charging was used compared to less than 28% when non-contingent charging was applied, according to a Freedom of Information request.