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.

The number of DB transfer requests has fallen dramatically since the FCA introduced a ban on contingent charging last year, according to analysis from actuarial firm LCP.

Andy Bell, CEO of platform and SIPP firm AJ Bell, has warned that proposed new anti-scam rules on pension transfers risk undermining thousands of legitimate transfers.