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British Steel Pension Scheme

Status: Closed Opened: 15 Mar 2022 Closed: 14 Oct 2022 2 recommendations 21 conclusions 1 report

When the British Steel Pension Scheme (BSPS) was restructured in 2017, its members were given a set of options for what to do with their pension “pot”, 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 …

Clear

Reports

1 report
Title HC No. Published Items Response
Fourteenth Report - Investigation into the British Steel Pe… HC 251 21 Jul 2022 23 Responded

Recommendations & Conclusions

1 item
10 Conclusion Fourteenth Report - Investigation into … Acknowledged

In response to the BSPS case, the FCA had to gather further evidence to understand...

In response to the BSPS case, the FCA had to gather further evidence to understand the scale of the problem and in June 2018, out of a sample of 192 files, it found that 47% of transfer recommendations were unsuitable.25 In order to take action against regulatory non-compliance, the FCA …

Government response. The FCA provided a high-level update on enforcement activity related to BSPS, stating it is a high priority and investigations are at an advanced stage.
HM Treasury

Oral evidence sessions

2 sessions
Date Witnesses
13 Jun 2022 Andrew Bailey · Bank of England, Emily Miles · Department for Environment Food and Rural Affairs, Michael Grenfell · Competition and Markets Authority, Sarah Albon · Health and Safety Executive View ↗
27 Apr 2022 Caroline Rainbird · Financial Services Compensation Scheme (FSCS), Nausicaa Delfas · Financial Ombudsmen Service, Nikhil Rathi · Financial Conduct Authority, Philippa Hann · Clarke Willmott LLP, Rich Caddy · British Steel Pension Scheme, Sheldon Mills · Financial Conduct Authority, Tim Fassam · Personal Investment Management and Financial Advice Association (PIMFA) View ↗

Correspondence

1 letter
DateDirectionTitle
23 May 2022 — Correspondence from Nikhil Rathi, Chief Executive, FCA – Financial Conduct Auth…