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Investigation into the British Steel Pension Scheme

Following the restructure of the British Steel Pension Scheme (BSPS) in 2017, members had alternative options including transferring their funds out of the pension scheme altogether. Around 7,700 members, many of whom received independent financial advice to inform their decision, chose to take this option, representing about £2.8 billion of funds.

The Financial Conduct Authority (FCA), which regulates independent financial advisors, has identified that many steelworkers received unsuitable advice, and may have made poor financial choices and lost significant sums of money as a result. It has encouraged them to revisit the advice they received and complain if they have concerns.

This investigation will set out the activities the FCA has undertaken to regulate financial advice in the BSPS case, its plans for supporting steelworkers who may be entitled to redress, and the extent to which compensation is being delivered.