The Pensions Regulator has warned savers looking to transfer their pension pot during the Covid-19 outbreak that the move is “unlikely” to be in their best long term interests.

Liberty SIPP Limited has entered administration, opening the door to FSCS compensation claims for hundreds of clients.

International pensions group STM, which bought troubled SIPP firm Carey Pensions last year, is planning further acquisitions in the SIPP and pensions sector as its focuses on the UK.

Embark Pensions, which includes EBS Pensions and Rowanmoor, saw a near 14% increase in client numbers in 2019 but a 6% decline in net operating profit, according to annual results.

Platform and SIPP provider AJ Bell has reported client numbers up 22% to 262,179 over the past 12 months.

The FCA is to give staff at regulated firms an additional 12 months to pass professional exams due to the Coronavirus outbreak.