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The Public Accounts Committee has launched an inquiry into the British Steel Pension Scheme and the Financial Conduct Authority's regulation of advice and support of steelworkers.
Nearly 8,000 defined benefit members transferred out of the British Steel scheme during a restructuring exercise in 2017-18. Many lost significant sums of money as a result of being given what the FCA later said was unsuitable advice; it estimated that 47% of those who transferred were affected, and in another 32% of transfers the suitability of the advice was considered not clear.
A recent National Audit Office report found that only a small proportion of those who might be affected have sought redress. Those who did complain still lost out on about £18m because the firms that gave them advice no longer exist, meaning their compensation is capped because it has to come from the Financial Services Compensation Scheme.
The Public Accounts Committee will question the chief executives of the FCA, the Financial Ombudsman Service and the FSCS on the activities the FCA has undertaken to regulate financial advice in the BSPS case, its plans for supporting steelworkers who may be entitled to redress, and the extent to which compensation is being delivered.
Evidence on these issues can be submitted by 6pm on 20 April 2022.
