FCA and TPR must share 'some responsibility' in British Steel scandal, says taskforce

Lack of intervention and guidance

Ayesha Venkataraman
clock • 2 min read

Both the Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) must share some responsibility in the South Wales British Steel saga, having failed to provide timely intervention and guidance, according to the independent Financial Vulnerability Taskforce (FVT).

The taskforce, launched in January 2021, has retrospectively emphasised the need for a quicker response by both regulators when "the problems first became evident and before members felt they had little option but to seek advice under government legislation for safe guarded benefits transfers over £30k." £250k paid to shareholders after BSPS adviser entered liquidation - now claims at FSCS's door In 2017, around 8,000 British Steel workers were advised to transfer their benefits away from the company's defined benefit (DB) scheme, most on the advice of IFAs. This included steelworkers...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Everything advisers need to know about non-court dispute resolution

Everything advisers need to know about non-court dispute resolution

Non-court dispute resolution can be more cost-effective and efficient

Kiran Beeharry
clock 07 November 2024 • 4 min read
Women in Financial Advice Awards 2024 - Winners' gallery

Women in Financial Advice Awards 2024 - Winners' gallery

Photos from the awards ceremony held in London on 6 November

Professional Adviser
clock 07 November 2024 • 1 min read
 'Once-in-a-parliament reset': Reeves rules out future fiscal events of Autumn Budget's scale

'Once-in-a-parliament reset': Reeves rules out future fiscal events of Autumn Budget's scale

Public finances now on a 'firm footing'

Valeria Martinez
clock 07 November 2024 • 3 min read