Committees

British Steel Pension Scheme

Inquiry

When the British Steel Pension Scheme (BSPS) was restructured in 2017, its members were given a set of options for what to do with their pension “pot”, including transferring their funds out of the pension scheme altogether.

Around 7,700 members, many of whom received independent financial advice to inform their decision, chose to take this option, representing about £2.8 billion of funds.

The Financial Conduct Authority (FCA), which regulates independent financial advisors, has identified that many steelworkers received unsuitable advice, and may have made poor financial choices and lost significant sums of money as a result. It has encouraged them to revisit the advice they received and complain if they have concerns.

The Committee will question the chief executives of the Financial Conduct Authority, the Financial Ombudsmen Service and the Financial Services Compensation Scheme on the activities the FCA has undertaken to regulate financial advice in the BSPS case, its plans for supporting steelworkers who may be entitled to redress, and the extent to which compensation is being delivered.

If you have evidence on these issues please submit it here by 6pm on Monday 6 June 2022.

This inquiry is no longer accepting evidence

The deadline for submissions was 6:00pm on 6 June 2022.

Upcoming events

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Past events

Monday 13 June 2022
3:30pm Private
4:00pm Public
Oral evidence session 13 June 2022
British Steel Pension Scheme - Oral evidence
4:00pm
  • Andrew Bailey (Governor at Bank of England)
Regulation after EU Exit - Oral evidence
4:30pm
  • Michael Grenfell (Executive Board Member at Competition and Markets Authority)
  • Emily Miles (Chief Executive at Food Standards Agency)
  • Sarah Albon (Chief Executive at Health and Safety Executive)
The Grimond Room, Portcullis House
Wednesday 27 April 2022
1:00pm Private
1:30pm Public
British Steel Pension Scheme - Oral evidence 27 April 2022
1:30pm
  • Tim Fassam (Director of Government Relations & Policy at Personal Investment Management and Financial Advice Association (PIMFA))
  • Rich Caddy (Former Member at British Steel Pension Scheme)
  • Philippa Hann (Managing Director Financial Litigation at Clarke Willmott LLP)
2:30pm
  • Nikhil Rathi (Chief Executive at Financial Conduct Authority)
  • Sheldon Mills (Executive Director of Consumers and Competition at Financial Conduct Authority)
  • Nausicaa Delfas (Interim Chief Executive and Chief Ombudsman at Financial Ombudsmen Service)
  • Caroline Rainbird (Chief Executive at Financial Services Compensation Scheme (FSCS))
The Grimond Room, Portcullis House

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