In total £535m has now been repaid to investors who were overtaxed on pension freedoms withdrawals since April 2015.

The Personal Finance Society (PFS) has branded the findings of an FCA survey, released yesterday, which showed nearly 50% of pension savers accessed their pension pots in the past 12 months without taking any regulated advice or guidance, “alarming”.

Savers withdrew £2.75bn flexibly using the pension freedoms in Q2 2019, up 21% compared to a year earlier, new figures have revealed.

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.