Steelworkers’ pension advice under scrutiny after firms crumble

Former steelworkers are being urged to check in with financial services watchdogs this coming week after six companies that gave pension advice failed.

Representatives from three key bodies will be in Scunthorpe aiming to help secure compensation.

More than 1,000 claims have already been made by former members of the British Steel Pension Scheme after they were advised to transfer out by a single firm.

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In-person appointments are now being organised by the Financial Conduct Authority, Financial Services Compensation Scheme and the Financial Ombudsman Service to discuss advice that was received from others.

It said Acklam Financial Ltd, AW Dallas Financial Services Ltd trading as Portfolio Pension Consultancy, Independent Benefit Consultancy Ltd, Tramway Financial Management Ltd and West Wales Financial Services Ltd trading as IWA Financial Solutions and Mike Powell Mortgages have all failed.

More than £30 million of compensation has already been paid, with 1,018 claims in by the end of last month.

Around half have made their claims directly using FSCS’s free online claims service, meaning if FSCS have been able to pay compensation, they have kept every penny.

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Many have also been supported by friends or family members to help them with their claim.

Anyone who wishes to talk to someone about the advice they received or how to make a complaint or claim can find out more and book online now.

The Scunthorpe event follows on from two recent events in Swansea which took place during September and November.

Anyone considering making a claim can visit a dedicated BSPS page on FSCS’s website to find out more.

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