FCA faces National Audit Office investigation over British Steel scandal

Handling of DB transfer advice scandal under the microscope

Jenna Brown
clock • 1 min read
A mill in Newport owned by Liberty Steel | Credit: Liberty Steel
Image:

A mill in Newport owned by Liberty Steel | Credit: Liberty Steel

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...

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