Millions of older workers are unaware of how much they have saved for retirement, prompting fears that they will miss out on an opportunity to boost their retirement pots.

The Financial Conduct Authority plans to fine company directors Toni Fox £681,536 and David Price £632,594 over their roles in £392m of mostly "flawed" pensions transfers.

The FCA has issued new guidance to advisers on giving pension transfer advice to vulnerable clients.

Pension transfer activity has continued its downward decline, hitting a five year low in July and dropping to half the level seen a year earlier.