The Personal Finance Society has called balanced interevention as it warns that MPs attack on some BSPS pension transfer advice will damage the reputation of all advisers.

FCA director of supervision Megan Butler has written to the Work and Pensions Select Committee to inform chairman Frank Field that the regulator will collect data this year from all advisory firms transacting pension transfers.

Frank Field MP, chair of the Commons Work and Pensions Committee, has written to the FCA over concerns that its response to the British Steel pensions controversy has been “grossly inadequate.|

MPs on the Commons Work and Pensions Committee have urged the Government to ban pension cold calls by June 2018 and to introduce compulsory consumer guidance before pension pots can be accessed.