FCA dismisses British Steel complaints after lengthy investigation

Regulator acknowledges decision will be ‘disappointing’ for complainants

Jenna Brown
clock • 2 min read

The Financial Conduct Authority (FCA) has not upheld complaints against it concerning its conduct in relation to the British Steel Pension Scheme (BSPS) scandal.

The regulator said it had received a number of complaints which asserted its response to BSPS events was insufficient and failed to adequately protect steelworkers – however, after a thorough investigation into its own conduct, it rejected the claims. In a statement, it said that the watchdog concluded that, "while there have been lessons for us to learn, for example, in strengthening links with partners, such as The Pensions Regulator, we took appropriate regulatory action based on the information available at the time". It added: "We have, therefore, not upheld the complaints. We re...

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 Regulation

Law, not likes: Cracking down on social media financial promotions

Law, not likes: Cracking down on social media financial promotions

‘Every individual social post or communication must comply with the rules’

Sarah Wylie and Owen McLennan
clock 28 October 2024 • 4 min read
How Labour can support investment management vibrancy

How Labour can support investment management vibrancy

The formation of a new government – now just over 100 days’ old – has brightened the spotlight on UK financial services regulation, writes IIMI CEO Dani Hristova

Dani Hristova
clock 28 October 2024 • 4 min read
Number of non-financial misconduct reports in the City spikes in three years

Number of non-financial misconduct reports in the City spikes in three years

FCA reveals survey results

Cristian Angeloni
clock 25 October 2024 • 4 min read