British Steel  

MP says IFAs should not mark own homework on BSPS

As a result about 8,000 members transferred out of the old 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.

Over recent months, the FCA, along with the Financial Ombudsman Service, the Financial Services Compensation Scheme, and MoneyHelper, have travelled to Swansea and Scunthorpe to hold one-on-one sessions with steelworkers to discuss their situations and offer help.

The regulator said DB advice firm numbers have shrunk from 3,000 in 2018 to 1,200 now as a result of the regulatory crackdown.

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