More than 800 British Steel workers transferred out of their employer's defined benefit (DB) scheme as a result of the advice of a single firm, according to the Financial Conduct Authority (FCA).
In a letter to Blaenau Gwent MP Nick Smith, FCA chief executive Andrew Bailey said nearly half (872) of the 1,911 transfers it has assessed in its mis-selling probe were processed by a single adviser firm, the FT has revealed. After the FCA's intervention, 10 advice firms voluntarily varied their transfer permissions as a result of the British Steel Pension Scheme (BSPS) saga. Two have since regained their full pension transfer capabilities. Bailey did not elaborate on the figures for individual firms because, he said, the regulator was conscious of prejudicing the ongoing work it was...
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