Firm with British Steel advice links under investigation by FSCS

Welsh firm Prism Independent Financial Advisers under investigation

Sahar Nazir
clock • 1 min read

The Financial Services Compensation Scheme (FSCS) is probing a financial advice firm associated with the British Steel Pension Scheme (BSPS) scandal.

Newport-based Prism Independent Financial Advisers is under investigation with the lifeboat fund looking to find out whether it has been involved in any regulated activities. The firm was placed into solvent liquidation at the end of 2020 but has converted to a creditors voluntary liquidation this year. Prism is one of the companies associated with claims regarding the BSPS. This latest investigation follows numerous similar cases by the FSCS, mostly recently its investigations into Bristol-based Wealthmasters Financial Management and Birmingham firm Green Gem Financial in March.

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 Pensions

Pension reform should be part of UK's wider economic strategy - Pensions UK

Pension reform should be part of UK's wider economic strategy - Pensions UK

Organisation urges action to be taken now

Holly Roach
clock 13 October 2026 • 2 min read
Three former directors sentenced in £70m pension fraud case

Three former directors sentenced in £70m pension fraud case

3,000 people defrauded

Sophia Panayi
clock 04 September 2026 • 2 min read
PIMFA warns 'further clarity' needed in FCA's proposed SIPP changes

PIMFA warns 'further clarity' needed in FCA's proposed SIPP changes

Consultation closes today

Sophia Panayi
clock 24 August 2026 • 3 min read