FCA to host events for British Steel Pension Scheme Members

The Financial Conduct Authority (FCA) is to host a series of events for British Steel Pension Scheme Members (BSPS). These are designed to provide information for members concerned about the advice they may have received when they transferred their pension out of the scheme.

The first sessions will be held on Friday 14 June at the Princess Royal Theatre in Port Talbot. The morning session will start at 10:30 and afternoon session at 1.00. Any scheme member, former scheme member or family member affected is welcome to attend without booking.

Megan Butler, Executive Director of Supervision – Wholesale and Specialists at the FCA said:

'We want to help those BSPS members who are worried about the advice they were given

'We encourage all of those impacted to attend the events which will provide a lot of the information BSPS members need to allow them make a decision about whether to complain about the advice they received.'

The sessions will cover information about the financial advice process, including what information BSPS members should have been asked for by their financial adviser in order for them to make a recommendation and what financial advisers should have done to demonstrate their recommendation.

The session will also cover what services financial advisers may continue to provide to members including regular reviews of investments.

The Financial Ombudsman Service, The Pension Regulator and The Money and Pensions Service (incorporating the Pensions Advisory Service, the Money Advice Service and Pension Wise) will also be attending the event.

The FCA intends to hold further sessions later in the year and will announce the dates shortly.

Notes to editors

  1. On the 1 April 2013, the Financial Conduct Authority (FCA) became responsible for the conduct supervision of all regulated financial firms and the prudential supervision of those not supervised by the Prudential Regulation Authority (PRA).
  2. The FCA has an overarching strategic objective of ensuring the relevant markets function well.  To support this it has three operational objectives: to secure an appropriate degree of protection for consumers; to protect and enhance the integrity of the UK financial system; and to promote effective competition in the interests of consumers.
  3. Find out more information about the FCA.