The Financial Conduct Authority says it will ban most contingent charging on DB pension transfers as part of a raft of measures designed to tackle ‘weaknesses’ in the DB transfer market.

The Coronavirus has resulted in a 30% fall in request for pension transfer quotes at one provider - seen as an indicator of future transfer activity.

The Pensions Regulator has warned savers looking to transfer their pension pot during the Covid-19 outbreak that the move is “unlikely” to be in their best long term interests.

Wealth manager St James’s Place was responsible for 10% of all pension transfers analysed by pensions actuarial consultants Lane Clark & Peacock (LCP).