The financial services watchdog – The Financial Conduct Authority – has said it has learned lessons about how the pension mis-selling scandal can blow up, in the wake of the British Steel Pension Scheme transfer mess.
It was just last year when some financial advisers swooped in like vultures to transfer peoples’ pensions away from the British Steel Pension Scheme, using “fear tactics” in order to convince people to make moves that were not always in their best interests.
13 firms suspended
As the British Steel “feeding frenzy” became evident, the FCA began to investigate, and has since suspended the permissions of 13 firms, who were no-longer allowed to advise about pensions.
Despite this action, Frank Field of the MP’s Work and Pensions Select Committee branded the FCA’s action “grossly inadequate”.