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...

To continue reading this article...

Join Professional Pensions

  • Unlimited access to real-time news, analysis and opinion from the industry
  • Receive our in-depth monthly magazine in either print or digital format
  • Access our Sustainable Investment Hub covering news and opinion from thought leaders in the ESG space
  • Receive important and breaking news stories selected by the Editors in our daily newsletter
  • Hear from industry experts and other forward-thinking leaders
  • Receive a monthly members-only newsletter with exclusive opinion pieces from leading industry experts and a feature from the magazine in advance of its release date

Join now


Already a Professional Pensions member?


More on Press

'Confidence crisis' in pensions

Seven out of ten people are scared about making a wrong decision on their pension investments.

PP Staff
clock 19 June 2012 •

Doctors criticised over planned strike

Doctors have drawn criticism from several newspapers over plans to strike in protest over changes to their pensions.

PP Staff
clock 19 June 2012 •

Round up - 14 June

Northerners to be hit by rise in state retirement age; The number of older workers past retirement age doubles in 20 years; Number of working pensioners up 85%; Working in retirement? You could boost your state pension by £3,000 a year

PP Staff
clock 14 June 2012 •