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...

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