Glasgow-based IFA Cowley & Miller Independent Financial Services Limited has failed after the firm was hit with 34 claims from clients, most related to pension transfers.

The Pension Regulator (TPR) and DWP have amended guidance on tough pension transfer regulations introduced in November last year.

The FSCS has joined forces with the FCA and Financial Ombudsman Service to investigate a Telford-based pension transfer adviser with links to a Portuguese expat specialist company.

Average pension transfer values in May fell to £217,000, the lowest level seen since June 2016, as the number of transfers raising one or more warning flags rose to 83%.