Three more firms have stopped giving defined benefit (DB) transfer advice after intervention from the Financial Conduct Authority (FCA).

The decision comes as part of the watchdog's work concerning the British Steel Pension Scheme (BSPS).

British Steel Pension Transfers

Vintage Investment Services, Retirement & Pension Planning Services Ltd and West Wales Financial Services Ltd have all submitted voluntary requirements to the regulator and agreed to cease all DB pension transfer business immediately, according to their entries in FCA register.

These firms follow Active Wealth (UK), Pembrokeshire Mortgage Centre and Mansion Park, whose permissions to conduct pension transfers had already been suspended.

Port Talbot’s Tata steelworks is one of biggest in the world, and currently employs an estimated 10 per cent of the town’s population.

The failed scheme has about 130,000 members of which 43,000 are deferred, which means transferring out of their British Steel pension is an option for them.

The watchdog also said it will be visiting six more firms this week as part of the investigations.