FSCS declares Birmingham-based British Steel firm failed

The Birmingham-based life insurance and pension funding firm is associated with the British Steel Pension Scheme (BSPS) scandal. The firm was placed into solvent liquidation in March this year and was placed under investigation by the FSCS. The FSCS told Professional Adviser that it has received 111 claims in total, one has been upheld (triggering the default declaration), one has been rejected and 109 are in progress. According to Companies House, the firm was incorporated on 23 February 1995 and was previously named SystemCover. In 2017, many British Steel workers were advised...