£71M British Steel Redress Scheme Less Than 12 Months Out

By Martin Croucher (April 27, 2022, 5:12 PM BST) -- A program to secure £71.2 million ($90 million) in compensation for former members of the British Steel Pension Scheme will probably launch in January or February next year, a Financial Conduct Authority executive told lawmakers on Wednesday.

Sheldon Mills, executive director for consumers and competition at the regulator, said that the deadline would depend on the results of a consultation it launched on the redress scheme in March.

The FCA wants former members of the British Steel Pension Scheme to get compensation from the financial advisers that guided them into transferring their savings out of the gold-plated retirement plan and into risky...

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