FCA chief: Many British Steel DB transfer victims were 'vulnerable'

Speaking at the Treasury Committee on Wednesday (12 May), Rathi (pictured) was questioned by Welsh MP Nick Smith, who has been supporting steelworkers who lost money after being advised to make unsuitable pension transfers. When asked why it took the FCA until June 2020 to contact steelworkers, some three years after many of the transfers were made, Rathi said: "We certainly understand the distress you describe in this situation. "Many consumers who were impacted by this were vulnerable consumers and they have been advised to make a decision which, on review, looks like it was unsuita...