Steelworkers Promised Bigger Payments On Missold Pensions
Law360, London (January 11, 2019, 1:49 PM GMT) -- The U.K.’s Financial Services Compensation Scheme promised on Friday to give bigger payouts to former steel workers who have lost their investments through pensions misselling, after it handed more than £1 million ($1.3 million) to the clients of a single financial advisory company.
The statutory scheme announced after holding talks with workers and lawmakers that it will change the way it calculates payouts to members of the British Steel Pension Scheme who were given advice by Active Wealth U.K. (Ltd.), which is now defunct. The fund has already paid approximately £1.1 million to 35 former clients of the company, including BSPS members, giving them...
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