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.

Information from Defined Benefit pension schemes suggests that well over a third of a million people have transferred over £60bn out of such schemes in the last three years.

The Personal Finance Society has challenged the FCA’s recent DB transfer data and has welcomed what it calls the regulator’s acknowledgement of the limitations of the data.

According to adviser research from Aegon the demand for DB advice remains strong with nine out of 10 advisers, who are or have been active in advising on defined benefits, saying there are still many individuals who would benefit from taking advice.