The rapid increase in DB transfer values has been the main spur to the rise in transfers and not greedy advisers seeking contingent charging fees, says AJ Bell.

Transfer values rose during July 2019, while the number of DB transfers also increased, according to XPS Transfer Watch, which monitors how market developments have affected transfer values for an example member, as well as how many members are choosing to take a transfer value.

The FCA has set out plans to ban advisers from contingent charging based on a positive recommendation to transfer out of a defined benefit scheme.

Information from Defined Benefit pension schemes suggests that well over a third of a million people have transferred over £60bn out of such schemes in the last three years.