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FSCS bolsters compensation for steelworkers

The Financial Services Compensation Scheme has issued an update about its compensation decisions for British Steel Pension Scheme members affected by the failure of IFA Active Wealth.

It comes ahead of a debate tomorrow in parliament led by MP Nick Smith about the steelworkers’ case.

In January the FSCS said it would change the way claims against Active Wealth will be calculated for reasons of fairness.

The lifeboat fund said the change would ensure full and fair compensation for former members of the BSPS.

In a statement today FSCS steelworkers are getting improved payouts from the lifeboat fund. It has received 77 claims and paid compensation totalling £1.8m to 61 of these claimants, which is an average of just over £30,000 per claimant.

The FSCS topped up five of those claimants after recalculations, including one customer who had previously received no compensation, with an additional total of £80,000.

Of the total 77 claimants, 11 suffered no loss and so were not entitled to any compensation. Five remaining cases are likely to be decided soon.

Outgoing FSCS chief executive Mark Neale says: “We know that there are other BSPS members who may be entitled to make a claim but have yet to come forward.

“I urge to make a claim direct with FSCS at no cost, via our website or contacting us for more information.”


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FSCS ups British Steel compensation offer

The Financial Services Compensation Scheme says it will change the way claims against British Steel IFA Active Wealth will be calculated for reasons of fairness. In an update today, the lifeboat fund says the change is to ensure full and fair compensation for former members of the British Steel Pension Scheme. The development follows meetings […]

SJP joins Protection Distribution Group

St. James’s Place Wealth Management has joined protection lobbying and standards body the Protection Distribution Group. The advice giant is the latest firm to sign up to the group, which was formed in 2016 to raise the profile of the protection industry and put forward positive suggestions for reform. Independent broker Essential Insurance has also […]


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