Chartered Financial Planner Darren Antony Reynolds has been banned from being a director for 13 years for pension transfer failings which resulted in clients losing £24 from their pensions.

One in three high risk pension transfers since July 2018 would satisfy the first condition of the Department of Work and Pensions’ (DWP) proposed scam reduction legislation, according to a new report.

The number of DB transfer requests has fallen dramatically since the FCA introduced a ban on contingent charging last year, according to analysis from actuarial firm LCP.

The FCA has launched a major crackdown on scam bond and investment comparison websites in signs of a tougher approach from the regulator.