British Steel a stark reminder of obligations around client files

Lawyer Philippa Hann reflects on her work around the pensions case

Hope Coumbe
clock • 2 min read

The lack of adviser documenting uncovered in the National Audit Office (NAO) investigations around the British Steel saga has made it even more critical for advisers to keep detailed files, a lawyer warns.

Clarke Willmott partner Philippa Hann today (27 March) encouraged advisers to take more notes in order to properly fulfil their obligations around keeping comprehensive client files. Speaking at the Personal Finance Society's ‘How to avoid financial advice going wrong' webinar, Hann reflected on the collapse of the old British Steel Pension Scheme and the advice transfer scandal that was later uncovered. "We had the perfect storm," she said of the situation. "The government itself making decisions about de-coupling the pension scheme from the sponsoring employer and the initial scheme...

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 Pensions

AJ Bell sells Platinum SIPP and SSAS business in £25m deal

AJ Bell sells Platinum SIPP and SSAS business in £25m deal

InvestAcc Group takes over £3.2bn book of business

Jenna Brown
clock 27 March 2025 • 1 min read
Spring Statement 25: 'As you were' following pensions exclusion

Spring Statement 25: 'As you were' following pensions exclusion

Pensions were notably lacking from today's Spring Statement

Holly Roach
clock 26 March 2025 • 4 min read
Majority of pension savers would use digital advice from providers

Majority of pension savers would use digital advice from providers

Some 73% of workplace pension savers want advice from providers

Jenna Brown
clock 24 March 2025 • 2 min read