Home / Sources / Select Committees / Public Accounts Committee / British Steel Pension Scheme
Index live
Select Committee · Public Accounts Committee

British Steel Pension Scheme

Status: Closed Opened: 15 Mar 2022 Closed: 14 Oct 2022 5 recommendations 18 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 … Show more

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

2 items
19 Conclusion Fourteenth Report - Investigation into … Not Addressed

There is a fundamental misalignment between legislation and regulation of the DB pensions advice market,...

There is a fundamental misalignment between legislation and regulation of the DB pensions advice market, which has caused confusion over the suitability of transfer advice.60 The 2015 Pensions Schemes Act introduced by HM Treasury was intended to provide greater freedom and flexibility for consumers to manage their pensions, allowing DB … Read more

Government response AI summary
Seven years after the Pensions Schemes Act, regulated bodies are still not clear on the Financial Conduct Authority’s expectations for consumer protection.
Read full response →
HM Treasury
23 Conclusion Fourteenth Report - Investigation into … Not Addressed

Redress arrangements also impact on the wider pension’s advice market.

Redress arrangements also impact on the wider pension’s advice market. Firms should have PII cover to afford the cost of compensation, and whilst firms had cover when they provided advice, many are unable to access insurance for subsequent years.72 This leads to firms being unable to pay compensation and forced … Read more

Government response AI summary
The Government restates the committee's conclusion regarding PII cover and the FSCS levy.
Read full response →
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 ↗

Who gave evidence

11 witnesses
WitnessOrganisationSessions
Andrew Bailey · Governor Bank of England 1
Caroline Rainbird · Chief Executive Financial Services Compensation Scheme (FSCS) 1
Emily Miles · Director for General for Food, Biosecurity and Tr… Department for Environment Food and Rural Affairs 1
Michael Grenfell · Executive Board Member Competition and Markets Authority 1
Nausicaa Delfas · Interim Chief Executive and Chief Ombudsman Financial Ombudsmen Service 1
Nikhil Rathi · Chief Executive Financial Conduct Authority 1
Philippa Hann · Managing Director Financial Litigation Clarke Willmott LLP 1
Rich Caddy · Former Member British Steel Pension Scheme 1
Sarah Albon · Chief Executive Health and Safety Executive 1
Sheldon Mills · Executive Director of Consumers and Competition Financial Conduct Authority 1
Tim Fassam · Director of Government Relations & Policy Personal Investment Management and Financial Advice Association (PIMFA) 1

Correspondence

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