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

47% of advice deemed unsuitable

clock • 6 min read
Financial advice market failed to protect BSPS members - National Audit Office investigation

Many British Steel Pension Scheme (BSPS) members suffered significant financial losses after transferring out of the scheme, due to unsuitable advice by the regulated financial advice market that failed to protect them, according to a report from the National Audit Office (NAO).

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 arra...

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