More than 1,300 financial advisers have signed up to the Pension Transfer Gold Standard in the past 12 months but the number re-registering is set to fall as disillusioned advisers quit the market.

The Personal Finance Society says 3 in 10 of the 468 graduates due to take part this week in its now cancelled graduation ceremony are female - nearly twice the financial services average.

The Personal Finance Society has welcomed the FCA’s freezing of 2020/21 fees for small firms but warned that the Coronavirus outbreak could force up compensation costs and hit advice firms hard without major reform.

The Personal Finance Society, the Chartered Financial Planner professional body, has backed the FCA’s decision to defer its rule obliging advisers to send ’10% drop letters’ to clients when their investments fall by 10% or more.