MPs call on FCA to do more for British Steel victims

Regulator 'follows not leads'

Sophie King
clock • 2 min read

MPs Nick Smith and Stephen Kinnock have said the Financial Conduct Authority (FCA) is an organisation that "follows rather than leads" in their criticism of the regulator's handling of the British Steel Pension Scheme (BSPS) scandal.

The letters, delivered on Thursday (21 January) to FCA chief executive Nikhil Rathi, were sent on behalf of the many British Steel members who have lost money from their pensions. They said: "Three years ago, thousands of steelworkers were asked to make a decision about their defined benefit pension. Not knowing what to do, many thousands flocked to financial advisers to seek advice. "Following a hard deadline to make a decision on transferring, many were targeted by pension sharks who gave bad advice. We welcome some of the action taken by the FCA, in writing to 7,700 steelworkers, a...

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 Your profession

Women's Wealth Alliance launches careers guide to attract more women to personal finance profession

Women's Wealth Alliance launches careers guide to attract more women to personal finance profession

Aimed at women at different stages of life and careers

Professional Adviser
clock 16 July 2026 • 3 min read
Women in Financial Advice Awards 2026: Shortlists revealed!

Women in Financial Advice Awards 2026: Shortlists revealed!

All the winners will be announced at a celebratory gala dinner on 4 November

Professional Adviser
clock 15 July 2026 • 10 min read
The human question: How PE-backed firms can retain their talent

The human question: How PE-backed firms can retain their talent

'In a people business, cultural integration is key to preserving client trust, adviser continuity and value'

Andrew Houghton
clock 15 July 2026 • 4 min read