'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

Why advisers and clients could benefit from overcoming philanthropy 'reluctance'

Why advisers and clients could benefit from overcoming philanthropy 'reluctance'

‘It is still a financial decision that deserves professional advice’

Sophia Panayi
clock 02 November 2026 • 5 min read
News editor's view: The devil in the Budget detail

News editor's view: The devil in the Budget detail

The news editor's Friday Night Takeaway from 30 October

Isabel Baxter
clock 30 October 2026 • 2 min read
What's spooking financial advisers this Halloween?

What's spooking financial advisers this Halloween?

Experts share what's keeping the profession awake this spooky season

Professional Adviser
clock 30 October 2026 • 4 min read