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

Treasury Committee meeting

Sophie King
clock • 3 min read
FCA chief executive Nikhil Rathi said: “We certainly understand the distress you describe in this situation.
Image:

FCA chief executive Nikhil Rathi said: “We certainly understand the distress you describe in this situation.

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 uns...

To continue reading this article...

Join Professional Adviser

 

  • 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

A CII spokesperson said: "We are aware of an IT issue, which resulted in a couple of candidates being unable to access their CF6 Mortgage Advice exam for 15 minutes this morning."

Advisers face renewed CII exam tech issues

'Kicked out of the system'

clock 26 July 2022 • 2 min read
The academy offers support for those who may have the necessary qualifications but don't work in client facing roles to establish themselves as financial advisers

Just Wealth academy launches client facing fast track option

‘Step out of the shadow’

clock 13 July 2022 • 2 min read
A Salomon spokesperson has confirmed that Phillips joined the company in April 2022

Solomon Capital hires former Quilter acquisitions director

She joined Quilter in 2018

clock 12 July 2022 • 1 min read