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.

The FCA has warned of increased risk to consumers when overseas firms refer defined benefit (DB) scheme members to UK firms for pension transfer advice.

Pension transfer activity in March dipped to its lowest level since September in 2022.

XPS Pension Group’s Transfer Value Index fell by 4% in February to £168,000, the lowest month-end value since the Index was first published in June 2016.