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300 firms invited to British Steel redress roundtable by FCA

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Citywire has reported that the Financial Conduct Authority (FCA) has invited around 300 advice firms to a discussion regarding the British Steel redress scheme (BSPS). The roundtable will be held virtually on 27th and 28th June.  The group is made up of a mix of large national firms, networks and smaller IFAs however, attendance is not seen as compulsory.

Back in March, the FCA announced it was reviewing the scheme, where the regulators estimate that 1,400 steelworkers will receive a combined total of £71.2m in redress under the plans. If the redress scheme is approved, then it will be implemented next year.

This latest meeting is not the first time the FCA has sought industry views on the fallout of the BSPS redress scheme. 

In February, prior to the consultation announcement, FCA executives met with industry stakeholders to discuss the details of its planned redress scheme for steelworkers who received unsuitable defined benefit (DB) transfer advice in 2017 and 2018.

Stakeholders who were present at the meetings included compliance staff, representatives from trade and professional bodies, consumers, and other senior members of the advice profession.

Nearly 8,000 steelworkers were advised to transfer out of the BSPS. To date, the Financial Services Compensation Scheme has paid out £32m in British Steel-related claims to about 1,000 claimants.

How can we help you?

A number of former clients of the advice firm Active Wealth UK, have joined steelworkers in a legal challenge over their defined benefit (DB) pensions. These former clients and steelworkers were advised to transfer their DB pension into the same “poorly performing” fund – the Newscape Global Multi-Asset Conservative Fund and became exposed to losses.

Active Wealth UK worked with the unregulated introducer firm Celtic Wealth Management – which has been accused of providing unregulated advice.

If you have been affected by effected by the about you can fill out the ‘make an enquiry’ form or call 0800 046 9976.