FSCS receives over 1,000 claims from former British Steel scheme members

The Financial Services Compensation Scheme (FSCS) has received more than 1,000 claims from former members of the British Steel Pension Scheme (BSPS).

As of 29 November 2021, the FSCS had paid out more than £30m in compensation to former BSPS members.

It has had a total of 1,018 claims from former members who were advised to transfer out of the scheme by a firm that has since failed.

Approximately half of the claims were made directly using the FSCS’s free online claims service, with many using a personal representative, such as a friend or family member, to help them with their claim.

In June 2020, the Financial Conduct Authority (FCA) found that 47 per cent of the advice give to former BSPS members transferring out of the scheme was unsuitable.

The FSCS urged former members to book in-person appointments to discuss the advice they received, with the Financial Conduct Authority, the FSCS and the Financial Ombudsman Service offering appointments from 6-8 December.

These appointment events in Scunthorpe follow two recent events that took place Swansea in September and November.

A further five firms that gave advice on BSPS transfers have failed since 19 November, with the FSCS noting that customers of these firms can now check if they are eligible and submit a claim.

The five firms are Acklam Financial, A. W. Dallas Financial Services (trading as Portfolio Pension Consultancy), Independent Benefit Consultancy, Tramway Financial Management, and West Wales Financial Services (trading as IWA Financial Solutions) and Mike Powell Mortgages.

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