Advice firm carried out over 800 British Steel transfers - FCA

One firm, 872 transfers

Tom Ellis
clock • 1 min read

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...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

Appointed representatives: Are you really in control of the risks?

Appointed representatives: Are you really in control of the risks?

'The FCA doesn't just want oversight, it wants evidence'

Paul Bruns
clock 06 October 2026 • 7 min read
Manchester City charges: Treasury Committee chair raises tax questions with HMRC

Manchester City charges: Treasury Committee chair raises tax questions with HMRC

As Tax Policy Associates points to potential £12m in unpaid tax

Jen Frost
clock 02 October 2026 • 2 min read
'Waiting for certainty can itself create the breach': When must a firm notify the FCA?

'Waiting for certainty can itself create the breach': When must a firm notify the FCA?

'A voicemail is unlikely to suffice'

Gareth Fatchett
clock 02 October 2026 • 5 min read