British Steel  

What lessons can we learn from British Steel?

  • To spot red flags and raise awareness of potential problems with regulators and other bodies.
  • To understand financial vulnerability in the context of redundancy.
  • To understand when defined benefit transfer advice is not in the best interests of certain clients.
CPD
Approx.60min
British Steel
Lessons learnt from the defined benefit transfer advice debacle
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Has the industry learned its lessons about defined benefit transfer advice after the British Steel Pension Scheme debacle?

If not, what lessons should everyone - regulators, ombudsmen, advisers and trustees - take from the BSPS scandal and put in place to prevent a similar situation rearing its head again?

This special FTAdviser In Focus CPD report focuses on the history and development of the problem four years ago.

It will explore the initial reactions from those operating in the pensions advice market as well as regulators and constituency MPs; assess the various actions taken over the past few years to tackle poor defined benefit pensions transfer advice; and look at what more is needed to prevent another similar scandal.

It will also explore what legislative and regulatory action is necessary to help ensure that vulnerable customers are truly treated more fairly when it comes to life-changing financial decisions. 

All four features are within the special report featured above (click on the image to read it), along with an additional case study, video interviews and a look at Rolls Royce trustees' handling of a similar situation recently.

This In Focus special report qualifies for an estimated 60 minutes' worth of CPD. 

Contributors: Baroness Ros Altmann; Keith Richards, chief executive of the Personal Finance Society: Stephen Timms MP, chairman of the Work and Pensions Committee; Al Rush, founder of Echelon Wealthcare; Andy Boyt, independent consultant; Philippa Hann and Laura Robinson, partners at Clarke Willmott; Stephen Kinnock, MP for Aberavon; Nick Smith, MP for Blaenau Gwent; The Pensions Regulator; The Financial Ombudsman Service; Steve Webb, partner at LCP; The Financial Services Compensation Scheme; the Financial Conduct Authority.

CPD
Approx.60min

Please answer the six multiple choice questions below in order to bank your CPD. Multiple attempts are available until all questions are correctly answered.

  1. According to Laura Robinson and Philippa Hann, what did they find when they 'dug deeper' into the issues at Port Talbot steelworks?

  2. What phrase did Hann hear 'again and again' in meetings with former BSPS members?

  3. What does Al Rush accuse the regulators of doing?

  4. Nick Smith says what is clear to him?

  5. Why has Quilter set aside money for Lighthouse's historic BSPS complaints, according to Paul Feeney?

  6. What is the purpose of [financial] regulation, according to Kinnock?

Nearly There…

You have successfully answered all the questions correctly, well done!

You should now know…

  • To spot red flags and raise awareness of potential problems with regulators and other bodies.
  • To understand financial vulnerability in the context of redundancy.
  • To understand when defined benefit transfer advice is not in the best interests of certain clients.

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