The Financial Conduct Authority revealed on Tuesday that it has identified more firms engaged in making unsolicited offers to former members of the British Steel Pension Scheme ahead of the launch of an official redress scheme.
The FCA has uncovered a further 11 firms that have made low-ball offers to ex-BSPS members, taking the total to 15. Many of them are associated with the British Steel Action Group, which launched a legal challenge against the redress scheme in January.
Their efforts were branded as “an attempt to delay the payment of redress that is due to some former BSPS members”, the FCA said at the time. By binding the member to accept less money, they may then become ineligible under the terms of the official redress scheme, which is due to go live on 28 February.
None of the firms has been named by the watchdog.
