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FCA boosts British Steel claim applications

The Financial Conduct Authority (FCA) has published a new web page to help British Steel workers who transferred out after receiving unsuitable advice better understand the claims process.

The FCA said around half of the cases it has reviewed so far appear to have been unsuitable.

The new web page from the regulator encourages and British Steel workers to make a complaint if they have any doubts at all about the quality of advice they received.

The regulator tells steelworkers on the web page: “Hundreds of steelworkers have already complained.

“You don’t need to give a specific reason for your complaint. All you have to do is ask for your advice to be reviewed as you’re unsure whether it was suitable for you.

“Even if you’re happy with your decision to transfer, you should still consider complaining. If you don’t, you may end up with less money in retirement than you would have done if you hadn’t left the scheme.”

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The web page lays out the steps needed to make a complaint and mentions the Pensions Advisory Service’s template complaint letter for former British Steel Pension Scheme members.

The page also refers steelworkers to the Financial Ombudsman Service.

The regulator added: “Where a firm undertakes a review, it will contact you with an offer to review the advice you received. To allow the firm to review the advice it gave you, you’ll need to confirm that you wish to be included by returning the ‘Opt in’ form. However, we encourage all former BSPS members to consider complaining in the meantime.”

The British Steel Pension Scheme was restructured in 2018. Before the restructure, many steelworkers received advice to transfer out of the defined benefit pension scheme into a personal pension scheme.

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