FCA: Almost 600 steelworkers got unsuitable pension transfer advice

A letter from FCA chief executive Andrew Bailey to work and pensions committee chairman Frank Field revealed the extent of the regulator's work around the British Steel pension saga and details of the processes it has gone through to obtain data on the transfers. According to the letter, the financial watchdog contacted 109 advice firms relating to British Steel pension transfers, 66 of which it then requested to provide further information on business volumes, pipeline clients, as well as insistent clients. After that, the FCA reviewed, assessed and analysed the data to ascertain the...