British Steel Advisers Fail Before Redress Scheme Launch

By Martin Croucher (June 10, 2022, 12:32 PM BST) -- Three financial advisers connected with the British Steel Pension Scheme transfer scandal have collapsed, despite efforts to keep such firms afloat ahead of the introduction of a £71 million ($88.5 million) redress scheme.

Whitebridge Financial Planning Ltd., Keywood Olley and Briggs Murray Wealth were among 11 firms listed by the Financial Services Compensation Scheme on Thursday as falling into default in April and May. This means they no longer have cash to be able to pay claims.

The Financial Conduct Authority has sought to block financial advisers connected with the scandal from deliberately depleting assets, so they can pay compensation to...

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