BoE Chief Defends Record On British Steel Pensions Scandal

By Martin Croucher (June 13, 2022, 6:46 PM BST) -- The former chief executive of the Financial Conduct Authority says the watchdog did the best that it could with the resources it had in the British Steel Pension Scheme transfer scandal.

Andrew Bailey – who is now the governor of the Bank of England – appeared before the parliamentary Public Accounts Committee, which is investigating the role of the FCA in the pension transfer scandal, and whether it could have acted sooner to protect steelworkers.

Around 7,700 members of the British Steel Pension Scheme were advised to transfer about £2.8 billion ($3.4 billion) of their savings out of the gold-plated saving plan and...

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