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FCA extended investigation into British Steel enforcement

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It is believed that the number of advice firms being investigated as part of the British Steel Pensions Scheme (BSPS) probe has increased in the last month.

Around 40 firms are now under FCA enforcement investigation over advice given to steelworkers in 2017 and 2018.

The extension of the probe follows meetings between the FCA, the Financial Services Compensation Scheme (FSCS), the Financial Ombudsman Service (FOS) and steelworkers in Swansea last month. 

Between 1 June and 13 October, the FOS resolved 89 complaints against firms relating to the BSPS. 

Issues around unsuitable advice emerged in 2017 after the restructuring of the pension scheme. Nearly 8,000 steelworkers were advised to transfer out of their defined benefit pension.

The FCA has since found that more than two-thirds of advice given during 2017 and 2018 was unsuitable and has been encouraging steelworkers to claim compensation. The regulator revealed last week it has contacted 3,591 pension transfer advice clients this year to explain they may be entitled to compensation.

So far, the FSCS has paid out £21.5m in redress.

Have you been mis-sold a pension?

If you think you have been mis-sold a pension or were given bad advice on your investments from a Financial Adviser or SIPP Provider, that has cost you financially, you may be entitled to compensation. 

Our SIPP claims experts at Smooth Commercial Law can help you make a quick, hassle-free claim for compensation.