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The British Steel Pension Scheme mis-selling scandal casts a cloud over the financial services sector’s reputation and underlines the need for a regulator with an iron fist.
The Financial Conduct Authority (FCA) has censured Lighthouse Advisory Services Limited (Lighthouse) for the unsuitable advice given during the period 1 April
D
ays after being attacked for its failings over London Capital & Finance, the Financial Conduct Authority is facing criticism from British Steel workers wrongly recommended to transfer out of their workplace pensions by commission-hungry financial advisers.
Three years on from the scandal that saw financial advisers swoop on workers in Port Talbot and Scunthorpe, many have still not received the compensation to which they are entitled.
Workers and their MPs blame the FCA, particularly as there are few signs of prosecutions despite it finding that 80% of workers were wrongly advised to transfer when British Steel owner Tata changed their £15 billion pension fund.