Pension transfer advice is under threat and may become scarce without action by regulators and pension schemes, according to new research. 

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.