The regulator’s response to the British Steel defined benefit (DB) transfer scandal, which saw thousands of workers given unsuitable advice to quit the final salary pension scheme, is to be investigated by the National Audit Office (NAO).
The NAO said the investigation is scheduled to begin next spring and would be overseen by director Charles Nancarrow and audit manager Ivan O'Brien. It added the probe would set out the activities the Financial Conduct Authority (FCA) undertook to regulate financial advice in the British Steel Pension Scheme (BSPS) case, its plans for supporting steelworkers who could be due redress, and the extent to which compensation is being delivered. The investigation follows a series of revelations about the advice linked to the British Steel scheme, which was restructured in 2017. Members were...
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