FCA and TPR must share 'some responsibility' in British Steel scandal, says taskforce

Lack of intervention and guidance

Ayesha Venkataraman
clock • 2 min read

Both the Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) must share some responsibility in the South Wales British Steel saga, having failed to provide timely intervention and guidance, according to the independent Financial Vulnerability Taskforce (FVT).

The taskforce, launched in January 2021, has retrospectively emphasised the need for a quicker response by both regulators when "the problems first became evident and before members felt they had little option but to seek advice under government legislation for safe guarded benefits transfers over £30k." £250k paid to shareholders after BSPS adviser entered liquidation - now claims at FSCS's door In 2017, around 8,000 British Steel workers were advised to transfer their benefits away from the company's defined benefit (DB) scheme, most on the advice of IFAs. This included steelworkers...

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