Rotherham's steel heritage and its proximity to Sheffield make it a significant area for pension mis-selling claims. British Steel workers and the broader South Yorkshire steel community were heavily targeted during the BSPS review period.
Start your free assessment →Rotherham has a deep steel industry heritage. During the BSPS transfer window of 2017–2018, steelworkers across South Yorkshire including Rotherham were approached by a wave of financial advisers offering “free pension reviews.” Many of these advisers recommended transferring out of guaranteed BSPS defined benefit pensions into SIPPs.
The FCA subsequently found that a significant proportion of BSPS transfer advice was unsuitable. Adviser firms operating in South Yorkshire during this period are the subject of FOS upheld decisions, FCA enforcement action, and FSCS default declarations.
If you were a BSPS member who transferred your pension on advice from a firm operating in the South Yorkshire region, a formal assessment will identify which claims routes remain available for your specific case and transfer date.
Where the firm that advised you is still trading, a formal DISP complaint is the mandatory first step. The firm must respond within 8 weeks.
£10,000 SRA capIf the firm rejects your complaint or fails to respond, escalation to the FOS is free. The FOS has upheld 55–77% of DB transfer complaints nationally.
£455,000 capWhere the adviser firm or SIPP operator has failed and been declared in default, the FSCS pays compensation directly.
£85,000 per firmWhere losses exceed the FSCS cap or FSMA s.27 applies, civil court proceedings may recover the full uncapped amount.
UncappedThe FOS applies a six-year absolute clock from the date of advice and a three-year awareness clock from when you first knew or ought to have known about your loss. Both clocks run simultaneously. For DB pension transfer advice given between 2015 and 2019, the six-year clock is now at or near expiry. Act immediately to preserve your claim rights. See redressadvisory.com/time-limits.
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