{"id":17985,"date":"2022-03-31T10:50:05","date_gmt":"2022-03-31T10:50:05","guid":{"rendered":"https:\/\/tahrir2day.com\/news\/2022\/03\/31\/british-steel-pension-scandal-savers-could-be-compensated\/"},"modified":"2022-03-31T10:50:05","modified_gmt":"2022-03-31T10:50:05","slug":"british-steel-pension-scandal-savers-could-be-compensated","status":"publish","type":"post","link":"https:\/\/tahrir2day.com\/news\/2022\/03\/31\/british-steel-pension-scandal-savers-could-be-compensated\/","title":{"rendered":"British Steel pension scandal: Savers could be compensated"},"content":{"rendered":"
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British Steel pension savers are to be compensated if they were ill-advised when switching their pension pots.<\/b><\/p>\n<\/div>\n

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Some 8,000 steelworkers, many from Wales, collectively transferred about \u00a32.8 billion from the company’s scheme in the 2017 restructuring. <\/p>\n<\/div>\n

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The Financial Conduct Authority (FCA) said it would pay \u00a371.2million in compensation to those who were misled.<\/p>\n<\/div>\n

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Most of them took advice from a financial adviser who is regulated by the FCA.<\/p>\n<\/div>\n

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The regulator said nearly half – 46% – of all the advice it reviewed was found to be inappropriate.<\/p>\n<\/div>\n

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    \n
  • British Steel pension scandal: grant details are released<\/li>\n
  • Steel pension scheme victim of ‘major misselling scandal’<\/li>\n
  • Fraud alert to former clients of Steel Pensions Adviser<\/li>\n<\/ul>\n<\/div>\n<\/div>\n
    \n

    Advisors are now forced to pay compensation to those who received inappropriate advice and switched away.<\/p>\n<\/div>\n

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    If the consultants have since ceased their activity, the Financial Services Compensation Scheme will step in, the payments of which are expected to start from the end of 2023.<\/p>\n<\/div>\n

    \n

    Sheldon Mills, Executive Director for Consumers and Competition at the FCA, said: “The circumstances surrounding the British Steel Pension Scheme transfers were exceptional with former members receiving a significantly higher level of inappropriate advice compared to other cases.<\/p>\n<\/div>\n

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    “We want people who have suffered financial losses after receiving improper advice to be compensated through our system.”<\/p>\n<\/div>\n

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    In a letter sent to advisers on Thursday, the FCA said: “Under the proposed redress scheme, firms advising on transfers of the British Steel Pension Scheme would need to review their advice.<\/p>\n<\/div>\n

    \n

    “If the advice is inappropriate and results in a financial loss for former members of the British Steel Pension Scheme, companies must compensate.”<\/p>\n<\/div>\n

    \n

    It added that “failure to comply with the requests in this letter” could allow the FCA to take action against the adviser. <\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

    British Steel pension savers are to be compensated if they were ill-advised when switching their pension pots. Some 8,000 steelworkers, many from Wales, collectively transferred about \u00a32.8 billion from the company’s scheme in the 2017 restructuring. The Financial Conduct Authority (FCA) said it would pay \u00a371.2million in compensation to those who were misled. Most of […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"footnotes":""},"categories":[45],"tags":[],"class_list":["post-17985","post","type-post","status-publish","format-standard","hentry","category-business"],"yoast_head":"\nBritish Steel pension scandal: Savers could be compensated - Tahrir News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tahrir2day.com\/news\/2022\/03\/31\/british-steel-pension-scandal-savers-could-be-compensated\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"British Steel pension scandal: Savers could be compensated\" \/>\n<meta property=\"og:description\" content=\"British Steel pension savers are to be compensated if they were ill-advised when switching their pension pots. 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