The Financial Conduct Authority has warned two IFAs and a stockbroker that they face fines and regulatory action over their alleged role in a £5.9m SIPP pension transfer scam.

Pension transfer values briefly hit a new high in August as the FCA reviews potential redress for unsuitable transfer advice.

Chartered Financial Planner Darren Antony Reynolds has been banned from being a director for 13 years for pension transfer failings which resulted in clients losing £24m from their pensions.

One in three high risk pension transfers since July 2018 would satisfy the first condition of the Department of Work and Pensions’ (DWP) proposed scam reduction legislation, according to a new report.