Tag Archives: BSPS

Should regulators be enforcers?

  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

Posted in pensions | Tagged , , , , , , , , , | 2 Comments

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

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

Posted in pensions | Tagged , , , , , , , , , | 2 Comments

Positions on redress for British Steel workers harden.

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

Posted in pensions | Tagged , , , , , | 10 Comments

Was Andrew Bailey just the wrong man for the FCA job?

Nearly five years after the event, the former CEO of the FCA Andrew Bailey was called to the Public Accounts Committee to answer questions on the FCA’s unpreparedness for what is now known as the British Steel mis-selling scandal. You … Continue reading

Posted in pensions | Tagged , , , , | 4 Comments

Pension indexation for DB schemes (intact or in the PPF)

The FT has picked up on the “missing” indexation on defined benefits earned before April 1997. These aren’t being paid to 83,000 members of the PPF but nor are they being paid to the members of many occupational DB schemes … Continue reading

Posted in pensions | Tagged , , , | 8 Comments

The balls of Old Bailey

NEW: Bank of England Governor Andrew Bailey, is expected to appear before an MP inquiry into the British Steel #pension mis-selling scandal. Bailey was chief of the FCA when the scandal involving thousands of steelworkers first erupted in 2017. #BSPS … Continue reading

Posted in pensions | Tagged , , , , | 2 Comments

The FCA’s special powers exercised five years late

This blog argues that the FCA’s problems in 2022 are as a direct consequence of not listening to what was going on in 2017. The lack of decisive leadership over transfers has led to a need for a £71m redress … Continue reading

Posted in pensions | Tagged , | Leave a comment

Who owns the Bristol Water pension surplus? Steelworkers take note!

I hear that the very well-informed MP, Stephen Timms, who chairs the Work and Pensions Select Committee, is on to Bristol Water’s claim on the £12.1m surplus that is estimated to be left over after the scheme is bought out … Continue reading

Posted in pensions | Tagged , , , | 6 Comments

Why pensions need a shift from a deficit to a surplus mindset.

This blog is written as a tribute to Stefan Zaitschenko whose positive mindset has meant that his fellow pensioners have been awarded a bonus of £57m. Stefan thinks positively about pensions and is an example to us all. From deficit … Continue reading

Posted in pensions | Tagged , , , , , | 10 Comments

Asleep in a meeting? The FCA’s new consumer duty starts at the top.

  I have no reason to doubt Al Rush of Philippa Hann’s account of a 2019 meeting with then FCA boss’ Andrew Bailey. Al claims that “there were a number of times when his [Bailey] head dropped and he had … Continue reading

Posted in pensions | Tagged , , , , , | 2 Comments