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PM promises action on poor financial advice after British Steel question

Prime minister Theresa May has promised to ensure the Treasury will work with the Financial Conduct Authority (FCA) on stamping out poor advice such as that experienced by some people who transferred out of the British Steel Pension Scheme.

PM promises action on poor financial advice after British Steel question

Prime minister Theresa May has promised to ensure the Treasury will work with the Financial Conduct Authority (FCA) on stamping out poor advice such as that experienced by some people who transferred out of the British Steel Pension Scheme. 

Speaking at Prime Minister's Questions Labour MP Nick Smith raised the case of a constituent who lost 'thousands of pounds' from a British Steel pension following a transfer. 

'He was preyed upon by a rogue financial advice, it's happened to hundreds of others across the country. The FCA does not have the teeth to sort this out. I think ripping of pensioners is criminal,' he said. 

 

In response May (pictured) said she would encourage the Treasury to take action alongside the regulator. 

'I'm very sorry to hear about his constituent in relation to his pension and the actions of that financial adviser,' she said. 'I will ensure the Treasury looks at this issue with the FCA in these sorts of cases. 

For more on British Steel read our story on how one steelworker lost a £196,000 pension following transfer advice in 2016. 

 

 

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