The FSCS has published a new web page that is dedicated to former members of the British Steel Pension Scheme (BSPS). (here)

The web page went live on 19th May 2021, and specifically asks former members to ‘consider making a claim’ even if they are happy with their decision to transfer out.

The website states: ‘Was your pension in the old British Steel Pension Scheme? You might be owed money if you transferred out,’
‘You could be one of the many people due compensation after receiving unsuitable advice to transfer out of the BSPS. Hundreds of steelworkers have already complained about the advice they received from an advice firm. ‘Even if you’re happy with your decision to transfer, you should consider making a claim. If you don’t, you may end up with less money in retirement than you should have done.’

13 firms have been listed that are known to have previously advised British Steel Pension members to transfer out, which are now in default, meaning that the responsibility lies with the FSCS to recover losses incurred due to negligent transfer advice.

These firms are as follows:

1. Active Wealth (UK)
2. Bartholomew Hawkins Ltd
3. Douglas Baillie Ltd
4. Estate Matters Financial
5. Fiducia Wealth Solutions
6. Hyde Financial Management
7. Intuitive Financial Associates LLP
8. Intuitive Associates Ltd
9. Mansion Park Ltd
10. Omega Financial Solutions
11. Pembrokeshire Mortgage Centre
12. S&M Hughes Ltd
13. The Ntrust group

The webpage will hopefully provide a platform for steelworkers that are unsure if they have been mis-advised.
Angelus Law would like to support those in this situation and would act on their behalf to pursue a professional negligence claim. If you or someone you know was a member of the BSPS and re calls being given advice to re invest their pension or to transfer and requires our assistance to see whether you are entitled to a claim, please contact us.