Nearly half of financial advisers who currently offer pension transfers may quit the market in the next 12 months, new research has warned.

Former pensions minister Steve Webb has warned that pension schemes and providers could face a multi-million pound extra compliance bill if individual retirement income forecast are included in Pension Dashboards.

Wealth manager St James’s Place was responsible for 10% of all pension transfers analysed by pensions actuarial consultants Lane Clark & Peacock (LCP).

The FCA’s long-awaited pension transfer rule changes are likely to be pushed back by at least six months in a move described as “very disappointing” by a leading pensions actuary and consultancy firm.