British Steel

British Steel lines up rescue talks with Turkey’s military pension fund

Turkish army pension fund Ataer Holding is in exclusive talks to buy out British Steel. Ataer has signed an agreement with The Insolvency Service Official Receiver after several bids for British Steel were made, the Insolvency Service has announced. The preferred bidder Ataer has confirmed its intention to take on the steel making business and […]

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MPs to question British Steel owners after collapse

MPs are set to call in British Steel’s former owners to ask questions about the firm’s collapse. British Steel, the second largest producer in the UK, officially fell into administration this week, putting thousands of jobs at risk. Private equity firm Greybull Capital bought the debt-laden business off Tata Steel for just £1 in 2016, […]

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FCA warns over unauthorised British Steel-area firm

The FCA has published a warning about an unauthorised firm based in Port Talbot that has been targeting consumers. The FCA says it believes the firm, called Talbot Review Centre, has been undertaking regulated activities that require authorisation. Port Talbot has been at the centre of the British Steel Pension Scheme scandal, which has now […]

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British Steel members not given suitability reports before transferring

Some British Steel Pension Scheme members did not receive suitability reports from advisers before they transferred out of the scheme, according to a document published today. A letter from Work and Pensions Select Committee chairman and MP Frank Field to FCA supervision director Megan Butler contains anonymous testimonies from steelworkers. These testimonies shed light on […]

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Middlesbrough firm latest to stop pension transfers over British Steel

Ten advice firms have now voluntarily agreed with the FCA to stop doing work on defined benefit pension transfers related to British Steel. Acklam Financial, based in Middlesbrough, is the latest firm to be named in correspondence between the FCA and Work and Pensions Select Committee published today. This information is part of a broader […]

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New British Steel scheme gets green light

The new British Steel pension scheme has met the minimum size and initial funding tests to be created, according to trustee chairman Allan Johnston. Up to 83,000 members will go into the scheme which is part of the restructuring deal struck between the trustees and sponsor Tata Steel UK in August 2017. Assessments undertaken by […]

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

Questions have been raised as to whether the regulator should have spotted warning signs at the key firms involved earlier. Recent weeks have seen depressingly familiar headlines being bandied about, as the British Steel saga continues to play out. Hearing the phrase “pensions misselling scandal” being regularly used shows that, despite the progress made on […]