The FCA will help former members of the British Steel Pension Scheme determine if they should make a complaint about the advice they received when they transferred out of the scheme.
The regulator is hosting two events in Port Talbot to provide information for potentially affected people as it is concerned some members may have received “unsuitable advice”.
It says financial advisers and firms must be held to account if they do not comply with the rules set out for them by the regulator.
Former members of the pension scheme will be provided with information about how the financial advice process should work.
They will also be told about the type of information BSPS members should have been asked by their financial adviser before a recommendation was provided and how advisers needed to demonstrate their recommendation.
Guidance on the services financial advisers may continue to provide to members, including regular reviews of investments, will also be explained.
The FCA says the events will give former members the chance to decide whether to make a complaint to the Financial Ombudsman Service if they think they received “unsuitable pension transfer advice”.
FOS can now award compensation of up to £160,000 for actions before 1 April 2019.
Promoting the events, the FCA says: “As a financial regulator, we are concerned that some members who transferred out of the BSPS may have received unsuitable advice.
“Our role as the Financial Conduct Authority is to regulate firms and financial advisers in the UK and set rules for firms and advisers which they must follow and are held to account if they don’t.”
The Financial Services Compensation Scheme, FOS and the Money and Pensions Service will also attend the events.
In 2017, the FCA published its expectations of firms when advising on pensions transfers. This laid out the regulator’s concern that consumers receiving pensions advice are at risk of transferring into unsuitable investments.
The sessions will be held on Wednesday 21 August and Thursday 5 September 2019 at Princess Royal Theatre, Civic Centre, Port Talbot from 4.30pm until 6pm.