What was the British Steel Pension scandal?
In 2017, thousands of British Steel pension scheme members workers were advised to transfer their defined benefit pension schemes into self-invested personal pensions as a result of negligent financial advisers.
BSPS members had been required to decide by December of that year whether or not to move their final salary pension to a new scheme or to keep it in its current fund that would then become part of a pension restructuring process.
An estimated 8000 members transferred their pensions and the collected value of the transfers reached £2.8 billion.
Concerns were then raised over whether transferring was in fact a suitable decision, uncovering a mass scale operation of mis-sold pension advice.
The Financial Conduct Authority reached out to over 7000 former British Steel workers to advise them to have their financial advice reviewed.
Many former BSPS members have now been seeking pension transfer advice to get compensation through the Financial Ombudsman Service and hold negligent and unlawful financial advisers accountable.
Unfortunately, a large number of members are unable to achieve as much compensation as they are entitled to from the Financial Services Compensation Scheme because many financial advisers’ institutions have gone bankrupt or in some way dissolved.
Which advisers were involved in the British Steel Pension scandal?
The following financial advisers had been found to provide British Steel pension scheme members with unsuitable advice:
- Active Wealth
- Douglas Baillie
- Omega Financial
- Estate Matters
- Fiducia Wealth
- Hyde Financial
- Management LTD
- Associates LTD
- Intuitive Financial
- Mansion Park
- Mortgage Centre
- S & M Hughes
- The NTrust Group
How can I make a mis-sold final salary pension transfer claim?
The good news is, there are a number of options available to you.
You can make a claim yourself for free by contacting the firm directly for free or you have the option of using the Financial Ombudsman Service or Financial Services Compensation Scheme if it falls in their remit.
Or you can contact a team member at Spencer Churchill Claims Advice. The big advantage to this is that our experienced and knowledgeable team will give you bespoke advice and handle the claim on your behalf.
We’ll look at your case individually to discover if we think you can make a claim and then, if we can proceed your claim, work to get you the best result we can.