Pension transfer activity has continued its downward decline, hitting a five year low in July and dropping to half the level seen a year earlier.

Rising gilt yields and falling inflation expectations have pushed the typical value of a DB pension transfer to its lowest level in seven years.

The FCA has fined Pembrokeshire Mortgage Centre Limited (trading as County Financial Consultants) £2,354,331 for providing "woeful" and unsuitable advice to consumers to transfer out of the British Steel Pension Scheme (BSPS) and other defined benefit (DB) pension schemes.

New red and amber warnings on risky pension transfers come into force today following a Department for Work and Pensions initiative.