Wealth management and Financial Planning firm Quilter has called for new legislation to protect consumers from the dangers of online investment scams.

The XPS Pension Transfer Watch Index for September has revealed that pension transfer activity plummeted at the same time as scam alerts surged - with 62% of pension transfers highlighted as potential scams.

FCA chairman Charles Randell has lambasted scam investment advertising on Google and social media.

Over 50% of pension transfers covered by one pension firm’s scam protection service have been flagged up as at risk of a scam since the pandemic hit.