"Frankly, I think it was a policy that was designed by people and it was implemented very quickly, but it gave rise to a problem which could only be solved with coordination between a large number of organisations, employers, pension trustees, the Pensions Regulator, the FCA, the Money and Pensions Service.
"I think Caroline Brooks's report did highlight that the cooperation around the British Steel pension scheme was not what it should have been.”
He stated that the regulator was holding regular meetings with the chairman of the Pensions Regulator and doing “what I can” to prevent future cases like this.
“We're also working on a strong nudge policy so that firms signpost Pension Wise guidance for any consumer thinking of transferring and I really welcome the changes to the law that will enable trustees to refuse pension transfers in some cases,” he added.
“I think the lessons, very painful as they are, have been learned. We are very determined to bring enforcement cases to the speediest conclusion we can and we are determined to crack down on phoenixing, which is why Nikhil has added to his management team by appointing an executive director for authorisations to make us as good as we can be in this area.”