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FCA backs public meeting over British Steel pensions

The FCA, The Pensions Regulator and The Pensions Advisory Service are to attend a public meeting at Port Talbot on Thursday for British Steel Pension Scheme members.

The FCA confirmed the meeting was taking place and that executive supervision director investment, wholesale and specialist Megan Butler would represent it there.

The meeting is a chance for members of the scheme to ask questions of the three organisations.

A TPR spokesman says: “We are attending the meeting in Port Talbot on Thursday as we feel it is important to talk directly to members of the British Steel Pension Scheme about their concerns.”

The spokesman adds: “We will be encouraging members to fully engage in the impartial and helpful communications from the BSPS trustees about making a choice about their pension. We also want to warn those who may be considering transferring their pension pot to be wary of scams and deals that sound too good to be true.”

Yesterday, the FCA released an update on its work relating to concerns about the financial advice given to scheme members.

It said three firms have stopped advising on pension transfers and it plans to visit a further six firms this week.

The Work and Pensions Select Committee is holding a special evidence session into the British Steel Pension Scheme tomorrow morning. Butler will also be present at that hearing.

The BSPS has remained in the headlines in recent weeks ahead of a deadline for members to make a decision on transferring or taking Pension Protection Fund benefits.

Yesterday’s statement from the FCA detailed its “information gathering exercise” to identify the firms that were most active in advising people to transfer out of the scheme.

The regulator got information from 50 advice firms, 12 Sipp operators and the British Steel Pension Scheme administrators.

The FCA says based on data received it visited seven advice firms and requested files from a further four firms. Of those, three have stopped giving transfer advice.

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