'Like pulling teeth': MP backs FCA British Steel redress but advisers split

‘The final redress cost will be higher’

Ayesha Venkataraman
clock • 7 min read

Advisers have offered split reactions to the Financial Conduct Authority’s (FCA) plans for a British Steel Pension Scheme (BSPS) redress plan totalling £71.2m.

In a consultation, released on Thursday 31 March, the FCA said firms involved in BSPS transfers would be required to review the advice they gave, identify if it was unsuitable, and calculate and pay redress to consumers where required. The regulator said the scheme will apply to 343 advisory firms. The watchdog projected estimated the proposed scheme would mean that 1,400 BSPS members receive £71.2m in total redress. Nick Smith, MP for Blaenau Gwent, who has been heavily involved in campaigning on the issue for constituents, said it had been a long struggle to get to this point. He...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

The banks are back: What does this mean for advisers?

The banks are back: What does this mean for advisers?

Banks ‘uniquely positioned’ to provide advice to mass market

Sophia Panayi
clock 24 August 2026 • 6 min read
Social media investment advice leaves investors out of pocket - research

Social media investment advice leaves investors out of pocket - research

Over half who acted on social media financial advice regretted it

Isabel Baxter
clock 21 August 2026 • 3 min read
New sexual harassment duty: Can adviser firms show they've taken 'all reasonable steps'?

New sexual harassment duty: Can adviser firms show they've taken 'all reasonable steps'?

'Employers will be expected to take all reasonable steps'

Emily Bradshaw
clock 19 August 2026 • 4 min read