FCA "consistently behind the curve" on British Steel pension scandal, say MPs

A report from parliamentarians dives into the dodgy fee structures, as well as lack of preventative action from the regulator, which contributed to significant financial loss for former British Steel Pension Scheme members who transferred their funds out. It appears that 'credible deterrence' is no more, commentsDenis O'Connor.

Denis O'Connoris a fellow of both the Institute of Chartered Accountants in England & Wales and the Chartered Institute of Securities and Investment. He was a member of the British Bankers' Association Money Laundering Committee from 2003-10 and a member of the Joint Money Laundering Steering Group's board and editorial panel between 2010 and 2016. He has been a frequent speaker at industry conferences on financial crime issues, both in the United Kingdom and abroad.

Members of Parliament on the House of Commons Public Accounts Committee (the Committee) slammed the Financial Conduct Authority for failing to protect members of the British Steel Pension Scheme (BSPS) from "unscrupulous financial advisers" who were incentivised by their fee structures and lax regulation to provide unsuitable advice that led to some 7,800 steel workers losing, on average, ?82,600 in life savings and, in some cases, up to ?489,000. [1]