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

Treasury Committee meeting

Sophie King
clock • 3 min read

Financial Conduct Authority (FCA) chief executive Nikhil Rathi has admitted that most of the British Steel Pension Scheme (BSPS) members who transferred out of the defined benefit (DB) fund 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...

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