The directors of Active Wealth UK and Celtic Wealth Management have failed to attend a Work and Pensions Select Committee meeting regarding the British Steel Pension Scheme.

Active Wealth UK director Darren Reynolds and Celtic Wealth Management managing director Clive Howells did not attend the Committee this morning, 13 December 2017, to give evidence on their involvement with the BSPS.

The two firms have been identified by Work and Pensions Committee witnesses as providing “questionable advice” to steelworkers considering transferring their pensions out of the scheme.

It is reported that the wealth managers used unregulated “introducers” who put clients in touch with selected advisers and “offering chicken and chips lunches to steelworkers as an inducement to hear advice options”, the Committee explained.

The two directors were due to give evidence before the committee at 10.05am. This was to be followed by BSPS trustee chairman Alan Johnston, director of pensions Derek Mulholland, Community Trade Union operations director Alasdair McDiarmid and concluded by FCA director of supervision Megan Butler.

Commenting on the directors’ failure to attend the Committee meeting, Committee chair Frank Field MP said: “We are surprised that Mr Reynolds and Mr Howells have chosen, at late notice, not to take up our invitation to put their side of the story in a public forum. No doubt it is more of a loss to them than it is to parliamentary process.
“We will be putting further questions to them in writing. If their answers are not satisfactory, we may require them to come in.”

The 130,000 members of the BSPS are to make the decision of whether they transfer into the New BSPS, into the Pension Protection Fund or move their pension to another scheme elsewhere.

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