The Financial Conduct Authority has banned Steven Hodgson and Paul Adams of Stockton-on-Tees-based Vintage Investment Services from advising customers on pension transfers and opt-outs.

Pension transfer times have fallen to the lowest level seen since the end of the Coronavirus pandemic in 2021, according to new data.

The FCA has banned four financial advisers, three provisionally, over “reckless” pension transfer advice which has so far cost £13.4m in compensation payments.

The Financial Services Compensation Scheme has declared BSPS-linked adviser firm Mark Peter Houlbrook (FRN: 498168) in default over pension transfer advice, opening the door to compensation for ex-clients with valid claims.

The number of defined benefit pension transfers in July surged to the highest level since August 2023.