The XPS Pension Transfer Watch Index for September has revealed that pension transfer activity plummeted at the same time as scam alerts surged - with 62% of pension transfers highlighted as potential scams.

Copia Wealth Management Ltd in Denton, Manchester, has gone into liquidation soon after a Financial Ombudsman ruling against the company over a pension transfer.

Over 50% of pension transfers covered by one pension firm’s scam protection service have been flagged up as at risk of a scam since the pandemic hit.

Nearly half of financial advisers who currently offer pension transfers may quit the market in the next 12 months, new research has warned.