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Advisers quiet on British Steel transfers ‘until FCA has finished work’

The nine adviser firms that voluntarily agreed to stop doing pension transfer work related to the British Steel pension scheme are keeping quiet as the FCA continues its action on the matter.

Money Marketing has contacted all nine firms but they either declined to comment, were unable to comment at the time of publication or said they would talk once the regulator had completed its work on British Steel.

However, Vintage Investment Services, Mansion Park, County Capital Wealth Management and Bartholomew Hawkins all indicated they would like to speak about their experience in the future.

Alan Hughes: Did FCA authorisation process fail British Steel members?

Vintage Investment Services managing partner Sam Tate says: “After welcoming the FCA in December last year we made the decision to voluntarily vary our permissions, in order to enable a thorough evaluation of our processes to take place.

“We are currently liaising directly with the regulator and it would therefore be inappropriate to comment any further at this time.”

Meanwhile, Mansion Park director Richard Hayes told Money Marketing: “I would like to give you my thoughts on the British Steel pension issues but we are currently working with the FCA and it would be inappropriate at this time to respond in more detail.”

MPs call for contingent charging ban after British Steel crisis

County Capital Wealth Management managing director Mark Abley adds: “We have not received our detailed feedback from the FCA but expect to receive it shortly. I don’t think it would be appropriate to comment.”

Bartholomew Hawkins managing director Richard Lord says: “I’m unfortunately not in a position to respond to your questions as we’re still working with the FCA on the matter.”

According to records published on Companies House on 28 February, Active Wealth, which went into liquidation in February, has £543,480-worth of liabilities owed to unsecured creditors.



MPs promise further British Steel charging probes

Work and pensions select committee chair Frank Field says it expects to publish further reports on adviser charging in light of the British Steel pensions saga. In its report on British Steel published on 15 February, the committee called for a ban on contingent charging and Field tells Money Marketing more work will be done […]

Construction Building 480

FCA: British Steel complainants should discuss options with FOS

The FCA has urged those with complaints over the British Steel Pension Scheme to discuss how to proceed with the Financial Ombudsman Service after one of the advice firms at the centre of the scandal filed for liquidation. Yesterday, the Financial Services Compensation Scheme said that it was preparing to declare Active Wealth in default, […]


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  1. For family member (+ 3) I agreed to run a TVA Report on BSPS 2 but never ever did get the correct slices and rates of revaluation/escalation per slice from BSPS. So much guesswork was involved it would render any TVA Report meaningless. No advice could be given.

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