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Regulator accused of failing British steel pension members

Regulator accused of failing British steel pension members

[Image: _97269536_mediaitem97269535.jpg]

A financial regulator has been accused of failing members of the British Steel Pension Scheme and causing them serious financial harm.

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A report by the Commons Public Accounts Committee found the Financial Conduct Authority (FCA) did not protect members from unscrupulous financial advisers.

Nearly 8,000 steelworkers, including many from Wales, lost an average of £82,600.

The FCA said it would consider the report.

New pension rules in 2015 allowed members to transfer out of the scheme.

The report said the FCA failed to take preventative action to protect them against unsuitable advice.

Many have not been compensated fully and the report urges the FCA to speed that process up.

The report is also critical of the regulator's approach to enforcement, with only one fine issued so far.

The organisation, it said, was too focused on gathering evidence and issuing letters to firms, rather than enforcing against non-compliance.

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