FCA faces NAO investigation over British Steel

Savers transferred around £2.8bn out of DB scheme

Jenna Brown
clock • 1 min read
FCA faces NAO investigation over British Steel

The Financial Conduct Authority's response to the British Steel defined benefit (DB) transfer scandal, which saw thousands of workers given unsuitable advice to quit the final salary pension scheme, is to be investigated by the National Audit Office (NAO).

The NAO said the investigation is scheduled to begin next spring and would be overseen by director Charles Nancarrow and audit manager Ivan O'Brien. It added the probe would set out the activities the...

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