Final rules and dates on British Steel redress confirmed by the FCA

Over 300 firms will be affected with compensation owed to over 1,000

Hope William-Smith
clock • 3 min read

Communications from the Financial Conduct Authority (FCA) on its final rules for a redress scheme for those in the former British Steel Pension Scheme (BSPS) show almost half of the advice provided to members was unsuitable.

The regulator laid out its final rules for redress today (28 November) over five years on from the incident which saw 8,000 British Steel workers - around 18% of eligible BSPS scheme members - transfer their benefits out of the old defined benefit (DB) scheme to the less lucrative defined contribution alternative after receiving financial advice. "We have consulted widely on a redress scheme for BSPS members," FCA executive director for consumers and competition Sheldon Mills said. "We found that almost half the advice given to members was unsuitable - an exceptionally high level compare...

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