A new firm, Pension Advice Specialists (PAS), which offers advice on pension transfers has warned of a gap in the availability of guidance.

TPR estimates showed that around 100,000 DB transfers were completed in the year to 31 March compared with around 80,000 in the year to 31 March 2017, highlighting the growing demand and the need for new transfer specialists, PAS says.

The new firm will aim to provide a suitability report within 10 working days through its standard service and within five working days through its premium service.

It is focusing on growing its business with UK and international advisers.

All the firm’s fees are fixed and non-contingent with the cost of the full advice service starting from £2,000.

Head of pension transfer advice and Chartered Financial Planner, Craig Stokes, said: “We will not recommend a transfer unless it is clear it is in the client’s best interest and it is imperative that clients understand the risks of a transfer.

“In order to advise on the suitability of a personal recommendation we need to work closely with the adviser and have as much information as possible about the client’s circumstances, needs and objectives.

He added: “There is far more demand for DB transfer advice than supply and independent advice needs to be much more readily available for advisers and their clients. Clearly there are currently not enough people out there offering transfer advice in the right way.”