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British Steel Pension Scheme


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 Monday 6 June 2022.

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  • Address: Public Accounts Committee, House of Commons, London, SW1A 0AA