Tag Archives: BSPS

Will British Steel lessons fuel retirement income review reforms?

Posted on April 18, 2023 by henry tapper

Stephen Lowe of Just clearly thinks that the redress project that is going ahead for British Steelworkers ill-advised to leave their pension scheme has focused minds at the FCA on the need for  income in retirement. Citywire reports  Lowe as … Continue reading →

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BSPS ambulance chaser crashes again.

Posted on April 13, 2023 by henry tapper

Good news for steelworkers and bad news for  Gareth Fatchett, his firm FS Legal and the IFAs that have been paying Fatchett’s legal bills. Not only will they have to pay redress in full to ill-advised steelworkers  – but they  … Continue reading →

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Farce and contrition as the FCA make an effort

Posted on January 26, 2023 by henry tapper

From what I gather from those who attended CA’s session this week on the Consumer redress scheme. the event was notable for a degree of contrition from the FCA that they’d made such a mess of redress so far. Sadly, … Continue reading →

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Sympathy for the Regulator? Not over BSPS!

Posted on January 24, 2023 by henry tapper

quotes extensively from a PA consulting report on the FCA that was disclosed as part of a bundle of documents by the Gloster report into the mishandling of LCF complaints. That report can be found at the end of this … Continue reading →

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Newscape – the steelworker’s fractional scammer – bites the dust

Posted on January 17, 2023 by henry tapper

When I cast my mind back to the dark days of 2017 when Darren Reynolds was sourcing leads for his advice from Celtic – one fund appeared on the SIPP statements of steelworkers we met which I had never heard … Continue reading →

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This vile harassment of mis-sold steelworkers must stop

Posted on January 12, 2023 by henry tapper

The threat to mis-sold steelworkers Fueled by a self-reference sense of injustice , certain advisers owing redress to  clients  they have mis-advised to transfer out of the British Steel Pension Scheme  are now making their victims pay twice by harassing … Continue reading →

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Why steelworker’s compo is set to fall by £15,000

Posted on November 29, 2022 by henry tapper

The FCA has published its proposed redress scheme for steelworkers but it looks like the compensation will cost £49m rather than the estimated £71m earlier this year. The new compensation levels are now estimated to average  £45,000 (down from £60,000)  … Continue reading →

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Should regulators be enforcers?

Posted on August 18, 2022 by henry tapper

  Tim Thomas asked this question at a TTF seminar  this lunchtime. His conclusion was they considered themselves a world-class regulator and a reluctant enforcer. From comments made by Andrew Bailey (former CEO) and Mark Steward (former head of enforcement) … Continue reading →

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The pension transfer mess: who pays and what’s paid?

Posted on July 22, 2022 by henry tapper

There’s an irony to PAC’s assertions. It was extremely critical of the FCA in almost every aspect but never even questioned a key one: the FCA’s own assessment that transfers were very widely unsuitable at BSPS. This is now being … Continue reading →

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Positions on redress for British Steel workers harden.

Posted on June 23, 2022 by henry tapper

The FCA is in an awkward position as it consults on the redress it is looking to pay to British Steel workers who claim they were advised poorly to leave the BSPS scheme. On the one hand they have disgruntled … Continue reading →

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