What happened in Port Talbot
Port Talbot sits at the centre of what the FCA has described as one of the most concentrated episodes of pension mis-selling in UK regulatory history. The British Steel Pension Scheme gave steelworkers a valuable guaranteed pension — and commission-driven advisers saw thousands advised to give that guarantee up.
The FCA found unsuitable advice rates of between 46% nationally and 93% at individual Port Talbot firms. Three named firms linked to this cluster — Pembrokeshire Mortgage Centre, Active Wealth (UK) Ltd, and Vintage Investment Services — have all been declared in default, entered liquidation, or been subject to FCA enforcement action.
The FCA's formal BSPS redress scheme has largely concluded, but this does not mean all Port Talbot claims are closed. The key question for each individual is whether they have previously complained and when they first became aware that their advice might have been unsuitable. The FRC Commissioner upheld a complaint against the FCA itself in March 2026 for moving too slowly to protect BSPS members — political pressure to resolve remaining claims continues.
Who this affects
Former BSPS members who were advised to transfer their pension between 2015 and 2018 by a Port Talbot, Swansea, or Neath-based adviser and who have never previously complained or accepted a settlement.