Steelworkers Get Bigger Payments On Missold Pensions

Law360, London (April 9, 2019, 4:20 PM BST) -- The U.K.'s Financial Services Compensation Scheme said Tuesday it has bolstered payouts to former steelworkers who lost investments through pensions misselling.

The statutory scheme announced in January it was changing the way it calculates payouts to members of the British Steel Pension Scheme who were wrongly advised by Active Wealth U.K. Ltd., which is now defunct.  

On Tuesday, the fund said has so far received 77 claims from former clients of Active Wealth and paid compensation totaling £1.8 million ($2.4 million) to 61, an average of approximately £30,000 per claimant. FSCS topped up five of those claimants after recalculations, including...

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