We welcome the British Steel Adviser Group's (BSAG) decision to drop the legal challenge against our decision to set up a redress scheme for former British Steel Pension Scheme (BSPS) members. Our view all along has been that the challenge was without merit and that we would vigorously defend the scheme.
This challenge has, in our view, been pursued unreasonably with little intention to go to trial so we are also pleased BSAG has agreed to make a substantial contribution to our costs. We have publicly warned and taken action against certain BSAG firms for making unsolicited offers to former BSPS members.
Under the redress scheme, firms have to review the advice they gave former BSPS members to transfer out and pay redress to those who lost money because the advice was unsuitable.