Trade association PIMFA, which represents 1,000 investment managers and financial advisers, has called on the FCA to “raise the bar” instead of banning contingent charging. 

XPS Pensions, the pensions administrator, says that 35% of pension schemes have appointed or are considering appointing an IFA to support members.

The rapid increase in DB transfer values has been the main spur to the rise in transfers and not greedy advisers seeking contingent charging fees, says AJ Bell.

The Personal Finance Society (PFS) has warned over the “wider implications” of the FCA’s pension transfer review.