Tag Archives: Port Talbot

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

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

Posted in pensions | Tagged , , , , , | Leave a comment

Which stranded assets should we pick?

Like any liberal do-gooder, my first reaction to hearing the Government had cleared the digging of a £165m mine in Whitehaven with “dismay” – or an expletive not fit to be published. My second reaction was “what do I know” … Continue reading

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

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

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

Posted in pensions | Tagged , , , , , | 1 Comment

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

The dark side of pension freedom; the NAO report on the FCA and BSPS

The National Audit Office has produced what will no doubt become the definitive report on the British Steel Pension Scheme and what happened to it. It focuses on how the FCA was organised to prevent, identify, and respond to unsuitable … Continue reading

Posted in pensions | Tagged , , | 2 Comments

Whatever happened to the managers of the steelworker’s SIPPs?

  This morning I had the chance to praise Hargreaves Lansdown for innovative work helping self-invested pension policyholders understand the risk they take in their portfolios. SIPPs can  and do offer those who want to self-invest , the opportunity to … Continue reading

Posted in pensions | Tagged , | 1 Comment

Four years on – steelworkers remain angry and confused

  The FT is reporting increasing frustration among steelworkers in Port Talbot as they get called into public meetings with the FCA to find out about mis-selling compensation. “The cowboy advisers are laughing in their villas while we are having … Continue reading

Posted in pensions | Tagged , | 2 Comments

The FCA can’t blame the DB transfer debacle on pension freedoms.

  Nikhil Rathi, the FCA’s CEO elect is only partly right in linking the upswing in transfers away for DB schemes to the precipitous introduction of pension freedoms. It is very important that the FCA properly understand the cocktail of … Continue reading

Posted in FCA, Financial Conduct Authority, pensions | Tagged , , , , , , | 1 Comment


A different perspective? The FTSE is on sale…… pic.twitter.com/KcdNv0vTG4 — Holly Mackay (@HollyAMackay) March 9, 2020 I am sure Holly’s graphic shouldn’t be taken as financial advice , though some will try to catch a falling knife. We have no … Continue reading

Posted in advice gap, age wage, Blogging, BSPS, Consolation, defined ambition, pensions | Tagged , , , | 3 Comments

Great Pension Debate 4 – Port Talbot revisited

Al Rush is organising the fourth episode of the Great Pensions Debate. Here – in Al’s inimitable style, is what this is all about. You can sign up for the Great Pension Debate 4 by following this link, all you … Continue reading

Posted in BSPS, pensions | Tagged , , , , , , , , | Leave a comment