Regulator urges British Steel pension transferors to seek an urgent review of their pension transfer.

According to the FCA only 21% of British Steel pension transfers that it has reviewed so far constituted suitable advice*.

The DEADLINE for making your complaint is 2022.

Don’t leave it until it is too late!

Provide a few simple details and we will call you to register your complaint and start your review – you could be owed more than £300,000! Find out now, it’s quick, simple and free.

Did you transfer out of the BSPS scheme?
Have you previously made a complaint?

The Financial Conduct Authority (FCA) is so concerned about the potential losses that people who transferred their pensions out of the British Steel Pension Scheme (BSPS) may suffer, that it is urging them to find out whether they have been victims of poor pension advice as soon as possible.

With the value of their pensions increasing after transferring out of the BSPS, many steelworkers do not believe that they have been victims of poor pension advice, yet estimates suggest the average loss is still around £320,000!

About 7,700 steelworkers from Scunthorpe, Middlesbrough and Teeside were advised to transfer out of their BSPS, and many have yet to find out whether they have been victims of poor pension advise; in other words, they simply do not know whether their new pension was ‘mis-sold’ to them and if they can make a claim for compensation.

The law on limitation gives you 6 years from the date mis-advice occurred (or three years from the date you found out about the mis-advice) to make a complaint or make a claim in the UK, so we would urge all steelworkers in these locations to contact us as soon as possible so that we can help you find out FOR FREE whether they can make a claim. It may be the case that you haven’t incurred any losses but we are sure you would agree that it is better to find out now rather than later in life when the deadline has passed and the money is really needed.