The BSPS mis-selling scandal affected thousands of steelworkers across Port Talbot, Scunthorpe and other British Steel communities. If you were advised to transfer your BSPS pension between 2016 and 2018, compensation is available through the FCA Redress Scheme, FSCS, and FOS.
Start your free assessment →Between 2017 and 2018 thousands of British Steel workers were approached by financial advisers during the BSPS restructuring and encouraged to transfer guaranteed final salary pension rights into SIPPs. The FCA found that a high proportion of this advice was unsuitable. Multiple adviser firms — including Pembrokeshire Mortgage Centre, Active Wealth UK, and Celtic Wealth Management — are now in FSCS default.
The FCA established a formal BSPS Redress Scheme (PS22/13) requiring all firms that advised on BSPS transfers between 26 May 2016 and 29 March 2018 to review that advice and pay redress where it was unsuitable. Where those firms have failed, the FSCS pays compensation.
The FOS has upheld the overwhelming majority of BSPS transfer complaints. Decisions are verifiable at financial-ombudsman.org.uk.
The ombudsman found the advice to transfer was unsuitable even accounting for the client's concern about the scheme moving to the PPF. The client would have been better off remaining in BSPS or BSPS2. The FOS confirmed advisers must give an objective picture and recommend what is genuinely in the client's best interests — not simply what the client initially wanted.
All BSPS transfer advice given between 26 May 2016 and 29 March 2018 is subject to mandatory review. Where unsuitable, standardised redress is payable.
FCA calculatedPMC, Active Wealth UK, Celtic Wealth Management and others are in FSCS default. Direct FSCS claims open.
Up to £85,000Where the firm is still trading, FOS complaints are available. The FOS upholds the vast majority of BSPS cases.
Where losses exceed £85,000, Route 4 civil proceedings may recover the full uncapped amount.
UncappedThe six-year FOS clock on 2017–2018 BSPS advice has now expired for many claimants. The FSCS route, FCA Redress Scheme, and three-year awareness clock each have different rules. Obtain a formal assessment immediately. See redressadvisory.com/time-limits.
The FOS six-year clock on 2017 advice has expired. However the FSCS route, the FCA Redress Scheme, and the three-year awareness clock operate independently. An urgent assessment will confirm which routes remain open for your specific case.
Pembrokeshire Mortgage Centre, Active Wealth UK, Celtic Wealth Management and several others. Your assessment identifies your firm and its current FSCS status.
No obligation · No upfront cost · We will never cold-call you
You can complain directly to the firm, refer to the Financial Ombudsman Service or apply to the FSCS — all completely free. If you use the free routes, you keep 100% of any compensation.
| Redress received | Max % | Max fee |
|---|---|---|
| Up to £1,499 | 30% | £420 |
| £1,500–£9,999 | 28% | £2,500 |
| £10,000–£24,999 | 25% | £5,000 |
| £25,000–£49,999 | 20% | £7,500 |
| £50,000 and above | 15% | £10,000 |
Compensation is paid directly to you. We invoice after you receive your compensation. You pay nothing if unsuccessful. Source: FCA PS21/18 (Chapter 2, Table 1) & CMCOB 5.2. Excl. VAT.
Compensation is paid directly to you. We invoice after you receive your compensation. You pay nothing if unsuccessful. Source: FCA PS21/18 (Chapter 2, Table 1) and CMCOB 5.2. Excl. VAT.
Cancel any agreement with us within 14 days of signing, without charge or obligation. No questions asked.
Contact complaints@redressadvisory.com. If unresolved, refer to the Financial Ombudsman Service free of charge within 6 months of our final response.