The government-backed pension advisory Pension Wise says its users are more likely to use a financial adviser after taking guidance from the service.

Platform and SIPP firm Transact has added a number of new or enhanced features as it prepares for a new round of price cuts.

Platform and SIPP operators AJ Bell and Transact have reported strong trading in the most recent quarter. Both recently floated on the stock exchange.

Many advisers are failing to provide pension transfer advice of an "acceptable standard" says the FCA which is to scrutinise the harm to consumers from advisers who levy ‘excessive fees and charges.’

More than 30 financial advisory firms have quit the pension transfer advice market in the past three months after struggling to find professional indemnity insurance cover, the Personal Finance Society has said.