British Steel pension savers are to be compensated if they were poorly advised to switch their pension pots away from the company's more lucrative defined benefits plans.
The Financial Conduct Authority (FCA) has set out a plan which it says will deliver compensation worth £71.2 million to those who were misled about their pensions. Around 8,000 steelworkers transferred away from the defined-benefit British Steel Pension Scheme, and some of these suffered big losses as a result, according to the National Audit Office.
Most of these took advice from a financial adviser in the process, with these advisers regulated by the FCA.
