Tim Sargisson: Recommendations from the FCA to complain are falling on deaf ears

Compensation, FSCS and PI insurance

clock • 4 min read

As pension transfer complaints from British Steel workers slowly trickle into the authorities, Tim Sargisson takes a look at the saga and what's happening with their compensation

Just over 12 months ago the FCA wrote to 7,700 former and current steelworkers warning that those who transferred out of the British Steel Pension Scheme (BSPS) may have received unsuitable advice. "You should check the advice you were given and where appropriate complain in order to seek any compensation you are potentially due," it said. The estimated compensation bill could total more than £350m on the basis that 80% of members may have been given bad advice, with the value of awards at the time the letter was sent averaging £56,000. I was reminded of this FCA initiative during the...

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