Business owners have been advised that some pension advisors are giving poor advice about switching their pension funds, according to the Financial Services Authority (FSA).

The FSA say that customers may be eligible for more than £150m in redress for the poor advice it had uncovered.

Advice on switching pensions can be offered to members of company pension schemes and people with private pensions plans. Some employers looking to reduce the risk of providing a company pension scheme can suggest that people move their pension funds elsewhere.

the FSA said that it still had concerns about the advice being given

A pension switching market has also built up offering advice to people who might get a bigger pension pay-out if they moved their existing privately held funds to a different scheme.

But the FSA said that it still had concerns about the advice being given and it was set to take enforcement action against six particular firms.

"Although many firms have changed the way they operate, we remain concerned that some continue to give poor advice," said Dan Waters of the FSA.

"Ignorance is no defence and we will continue to focus on the high risk firms through intensive supervision. We will not hesitate to take tough action against any firms that fall below our standards."