British Steel members 'failed' by ill-prepared advisers

FCA says it was unaware of transfer interest as scheme trustees held that data

Ayesha Venkataraman
clock • 6 min read
Port Talbot steelworks, Wales
Image:

Port Talbot steelworks, Wales

Many British Steel Pension Scheme (BSPS) members suffered significant financial losses after transferring out of the defined benefit (DB) scheme due to unsuitable advice by the regulated financial advice market that failed to protect them, according to the National Audit Office (NAO).

A report on the findings of NAO's investigation into the British Steel scandal also highlighted the ways in which many members had failed to receive full compensation. It comes after the NAO ann...

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