British Steel chaos 'disproportionately' blamed on advisers - PFS

Richards fires back at committee report

Hannah Godfrey
clock • 2 min read

Undue blame is being heaped on the advice sector during the BSPS saga, Personal Finance Society (PFS) chief executive Keith Richards has said, which could have wider implications for the defined benefit (DB) market.

In response to the report by the Work and Pensions Select Committee last week, which suggested contingent charging should be banned and described advisers as "vultures", Richards said a more balanced and objective review was required to ensure the public are not poorly served by "reckless statements".   "Regrettably, due to the spurious actions of a few unregulated introducer firms, we are now seeing the blame and responsibility being disproportionately placed upon the advice sector - which is not in the public's best interest," he said. "Sadly, all British Steel Pensions Scheme (BSPS...

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