Employee benefits have failed to evolve and are failing employees’ needs for financial wellbeing, according to a report from wealth and investment manager Close Brothers.

Swansea financial adviser Simon Hughes has been banned by the FCA and made to pay £158,600 redress for “negligent” pension advice which has led to £8m compensation being paid to his BSPS-member clients.

The FCA has banned financial adviser Mark Abley of County Capital Wealth Management Ltd and told him to pay £106,100 to the Financial Services Compensation Scheme (FSCS) for poor pension transfer advice to BSPS members.

Pension scheme administrators are increasingly concerned about data security ahead of the launch of the new Pensions Dashboards.