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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
6 Recommendation Fourteenth Report - Investigation into … Rejected

The current compensation arrangements do not always protect consumers, can create wider costs to firms...

The current compensation arrangements do not always protect consumers, can create wider costs to firms and may not have the capacity to cope with future risks in the advice market. The standard approach to redress relies on consumers seeking compensation themselves, but only 25% of BSPS members who received unsuitable …

Government response. The FCA, FOS and FSCS will write to the committee on 21 January 2023 to explain what they are doing to manage risks in the redress system for financial service; the FCA disagrees with the recommendation to review its handling …
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…