Thousands of British steelworkers lost an average of £82,000 because "unscrupulous" financial advisers profited from giving bad advice - while a watchdog failed to protect them, a scathing new report has found.
An investigation published today ruled that the Financial Conduct Authority (FCA) failed to protect the British Steel pension scheme - with some members missing out on as much as £489,000 in life savings.
An estimated 7,800 transferred money from their defined benefit pensions after listening to so-called experts who were "financially incentivised to provide unsuitable advice".
