The Financial Services Compensation Scheme (FSCS) revealed it has received 1,018 claims from former British Steel Pension Scheme (BSPS) members, as of 29 November 2021.
The people involved are now being encouraged to book in-person meetings to discuss the type of financial advice they received before transferring out.
The meetings are offered by the Financial Conduct Authority (FCA), Financial Ombudsman Service (Fos) and the lifeboat scheme in Scunthorpe, Lincolnshire, from 6 to 8 December 2021.
This follows two similar events that were held in Swansea, Wales, during September and November 2021.
The FSCS added that the total compensation it has paid to former BSPS members now stands at £30m ($40m, €35m).
Since 19 November 2021, an additional five firms who gave advice on pension transfers to former BSPS members have failed.
They are:
- Acklam Financial;
- W Dallas Financial Services – trading as Portfolio Pension Consultancy;
- Independent Benefit Consultancy;
- Tramway Financial Management;
- West Wales Financial Services – trading as IWA Financial Solutions and Mike Powell Mortgages.
