British Steel

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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 […]

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Lib Dems join calls for contingent charging ban on DB transfers

The Liberal Democrats have called for contingent charging on pension transfers to be banned because it is “against the public interest”. Stephen Lloyd, the Liberal Democrat spokesman for work and pensions, argues it is impossible for advisers to give impartial advice when the adviser only gets paid if the consumer chooses to transfer out. This […]

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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 […]

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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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British Steel IFA Active Wealth goes into liquidation

Active Wealth, one of nine firms that has stopped giving pension transfer advice in light of the British Steel pension saga, has gone into liquidation. An insolvency notice published by The Gazette on 12 February shows liquidator Crossfields was appointed on 5 February by the creditors. The Midlands-based firm has attracted attention for its role […]