Two financial advice firms - one in Cardiff and one in Bristol - have been declared in default by the Financial Services Compensation Scheme with a combination of over 100 claims related to pension transfer advice.

Financial adviser Denis Lee Morgan has been banned by the FCA from advising on pension transfers and opt outs following British Steel Pension Scheme advice failings.

Rising gilt yields and falling inflation expectations have pushed the typical value of a DB pension transfer to its lowest level in seven years.

The Financial Services Compensation Scheme is probing two overseas-based adviser firms which used used EU 'passporting' rules to advise UK clients on pension transfers.