British Steel: Workplace Pensions

(asked on 2nd May 2024) - View Source

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will take steps to help ensure that members of the British Steel Pension Scheme receive equal compensation.


Answered by
Bim Afolami Portrait
Bim Afolami
This question was answered on 9th May 2024

The Financial Conduct Authority (FCA) is responsible for the regulation of the financial advice market and has looked closely at the advice provided to British Steel Pension Scheme (BSPS) members who transferred from the scheme.

Following this, the FCA has put in place a consumer redress scheme to ensure that the advice given to former BSPS members from the relevant period is reviewed and that redress is paid to those who lost out financially as a result of the poor advice they received.

Reticulating Splines