Two pension adviser firms have been declared as failed by the Financial Services Compensation Scheme with one being hit with a successful SIPP claim.

DB pension transfer activity increased ‘marginally’ in May - reversing a downward trend - with transfer values remaining stable, according to the latest XPS Pensions monthly transfer report.

While overall pension transfer volumes have been increasing, transfer times have been decreasing, according to new data published by fintech Origo.

New data from actuarial consultancy OAC suggests that pension savers submitting a complaint about pension transfer advice would now receive just £12,000 in compensation, about half the amount they would have received at the beginning of the year and well below the levels of two years ago.

The Financial Services Compensation Scheme (FSCS) has declared Manchester-based Pension Advice Specialists Ltd (FRN: 792927) as failed.

The end of 2023 saw the rate of people transferring out of their DB pension fall to a five-year low, research from pensions consultancy XPS Pensions Group found.

The number of defined contribution pension transfers in 2023 soared by 22% to 1.2m despite predictions of a decline in the market.

The DB Pensions Transfer Value Index compiled by XPS Pensions increased by 2.6% during November to £156,000, the biggest increase seen since March.

Birmingham-based BlueSky Wealth Management Ltd (FRN: 446963) has failed, opening the door to claims against the firm through the Financial Services Compensation Scheme (FSCS).

It is now two years since new pension transfer regulations were brought in to help the fight against fraudsters. The new rules give pension scheme trustees the power to stop transfers if they think the member is at risk of being scammed.