The first compensation payments relating to Active Wealth UK, the advice firm at the epicentre of the British Steel pension scheme saga, have been paid, as claims against the firm mount.
Some 83 claims have been submitted to the Financial Services Compensation Scheme (FSCS) to date against Active Wealth UK, of which the lifeboat fund has paid compensation in two cases, and is about to make a payment for a third. A spokesperson at the scheme was unable to say how much the claims had cost the fund so far, adding that it was too early to estimate how much the Active Wealth default may cost it eventually. Hannah Godfrey: Navigating the DB minefield Active Wealth UK entered voluntary liquidation back in February, following criticism for the advice it had given British S...
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