British Steel  

British Steel adviser collapses after receiving 35 Fos complaints

"The excess payable on its professional indemnity insurance liability in respect of these claims, which represents about £30,000 per claim, could not be met”.

“Any individuals seeking redress from A.W. Dallas Financial Services Limited should refer their claims to the Financial Services Compensation Scheme, which is able to guarantee payment up to a value of £85,000.”

The BSPS case

Three years ago British Steel Pension Scheme members were asked to make decisions about their pensions as part of a restructure of the scheme.

About 8,000 members transferred out of the scheme, with transfers collectively worth about £2.8bn.

But concerns about the suitability of the transfers were soon raised, leading to an intervention from the FCA that resulted in a number of advice firms – key players in the debacle – stopping their transfer advice service, while others went out of business.

The debacle created a mountain of liabilities, which lawyers believe could end up costing the industry up to £300m.

Meanwhile the Financial Conduct Authority will travel to Swansea next month to meet steelworkers who could be due compensation.

The City watchdog is being joined by the Fos, the Financial Services Compensation Scheme and MoneyHelper to hold one-to-one sessions for those who transferred out of BSPS.

The sessions will take place on September 28-30 at the Mercure Hotel in Swansea.

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