Scunthorpe is home to one of the UK's largest remaining steel communities. British Steel workers and their families in Scunthorpe were among the most heavily targeted by pension transfer mis-selling during the BSPS review period of 2017–2018.
Start your free assessment →The British Steel Pension Scheme (BSPS) mis-selling scandal had a profound impact on steelworkers across Scunthorpe, a community built around the Lincolnshire steelworks. Workers at British Steel’s Scunthorpe operations were approached during the BSPS 2 consultation period by advisers who encouraged them to transfer guaranteed defined benefit pension rights into SIPPs.
The FCA found that advice given to many BSPS members was systemically unsuitable. Adviser firms including PMC, Active Wealth, and others are either in FSCS default or subject to FCA enforcement. The FCA’s BSPS Redress Scheme (PS22/13) provides a structured route for affected steelworkers to obtain compensation.
If you were a BSPS member at Scunthorpe and transferred your pension, the relevant adviser firm may be in FSCS default. A formal assessment will identify which firms advised you and which compensation routes are available.
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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