The Financial Conduct Authority ban on contingent charging on DB pension transfer advice comes into force today.

DB transfer values fell from July’s record-high to levels similar to pre-lockdown in August, while the number of members asking for a transfer value also declined, according to a new report.

Defined benefit transfer values increased to another record high during July, according to a new report.

Almost £10bn was transferred out of defined benefit pensions in the final quarter of 2019, according to official data.