Financial advice market failed to protect BSPS members - National Audit Office investigation

A report on the findings of NAO's investigation into the British Steel scandal also highlighted the ways in which many members had failed to receive full compensation. It said: "The redress arrangements have not compensated all individuals fully, the costs of redress have impacted on the wider financial services industry and the number of firms providing DB pensions transfer advice has more than halved. "This case demonstrates the costs and difficulties of remedying failures in financial services, the importance of preventing problems occurring in the first place and the inadequacy of...