79% of members in the British Steel Pension Scheme were given unsuitable advice and mis-sold.

Back in 2017, the British Steel Pension Scheme (BSPS) had a restructure and due to this, all members were seeking advice on what to do with their pension funds. Members were given options however, they were given limited time to make decisions and none of the options were properly explained to them.

It is estimated that around 95% of members were given advice by regulated firms.

This advice was not always in the best interest of the individual and they were advised to move away from their defined benefit pensions which has often been described as the ‘gold plated’ pension due to the guaranteed income it provides in retirement.

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It has been found that 47% of cases received unsuitable advice and an additional 32% may also be in the same position but further investigation is needed as it is currently. This means that up to 79% of members in the British Steel Pension Scheme were given unsuitable advice and mis-sold.

The National Audit Office (NAO) has said that the financial advice market failed the members of the scheme and allowed them to be prayed upon by financial advisers who encouraged transfers into other pensions and investments which would damage the future of their retirement funds.

Below is a list of firms that offered regulated advice to move from the British Steel Pension Scheme (BSPS):

• Active Wealth (UK) Ltd

• Bartholomew Hawkins Ltd, trading as Turris Port Wealth Management

• Douglas Baillie Ltd & Fast Pensions Ltd

• Estate Matters Financial Ltd, trading as Pension Matters

• Fiducia Wealth Solutions, formerly Regen Investments Ltd

• Hyde Financial Management Ltd, formerly Imperial Wealth Management Ltd

• Intuitive Associates Ltd, trading as Intuitive Financial Associates

• Intuitive Financial Associates LLP

• John Dyer Ltd

• Mansion Park Ltd, trading as Mansion Park Scotland, David Head MPL, Michael J Alexander

• Omega Financial Solutions

• Pembrokeshire Mortgage Centre Ltd, trading as County Financial Consultants

• S & M Hughes Limited, trading as Crescent Financial

• The Ntrust Group Ltd