Financial services firms expect to be hit with a major drop in business in the next quarter due to Coronavirus, according to the latest CBI/PwC Financial Services Survey.

Defined benefit transfer values slumped by 3% in March and the number of members asking for a transfer value fell to a record low, according to figures released by the XPS Transfer Watch today.

SIPP pioneer Geoffrey Pointon has died at the age of 82 from Coronavirus, according to reports in his local newspaper the Rutland and Stamford Mercury.

Momentum Pensions, a UK and international SIPP and pension provider, has accelerated the introduction of electronic signatures for pension and investment forms to help advisers and clients during the Coronavirus outbreak.

The Pensions Dashboards Programme, a body backed by the Money and Pensions Service, said in a progress report today that it is moving forward but has deferred two major full consultations due to the Coronavirus crisis.

Andy Bell, chief executive of platform and SIPP provider AJ Bell, has welcomed news that the rules on 10% ‘investment drop’ letters will be relaxed for six months.

The Bank of England’s Monetary Policy Committee has cut the bank base rate from 0.25% to 0.1%, an unprecedented low.