FCA To Consult On British Steel Pension Redress Scheme

By Martin Croucher (December 22, 2021, 11:15 AM GMT) -- The Financial Conduct Authority said on Wednesday that it is considering setting up a redress scheme for thousands of former steelworkers who were persuaded by rogue advisers to transfer their pension savings out of a "gold-plated" retirement plan.

The regulator said that it would open a consultation in March next year on the plans, under which advisers found responsible for providing poor advice would pay compensation to members of the British Steel Pension Scheme who were affected.

The FCA estimates that 3,427 former steelworkers were advised to transfer out of the defined benefit plan, a type of pension scheme that is...

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