DB transfers fall to eight month low as scam activity rises - XPS Dip after a period of recovery Mark Barlow: "With warning signs of poor member outcomes remaining so high, we welcome the FCA's decision to extend their thematic review with the aim of driving up standards of pensions advice." Tom Higgins April’s activity in the defined benefit (DB) transfer market fell to the lowest level since September last year, dropping by almost a quarter, while the number of transfers showing ‘red flags’ for scams increased to a three-month high, according to pensions consultancy XPS Pensions Group. The latest statistics show a rate of 55 in every 10,000 members transferring per year, down from March's high of 68 in every 10,000.