In 2017, many workers were advised to swap their secure “final salary” British Steel pensions into SIPPS, QROPS, and other types of personal pensions. But while the British Steel Pension Scheme (BSPS) provided a generous pay-out on retirement and kept pace with inflation, the new pensions often did not deliver comparable remunerations. This left many steelworkers significantly worse off on retirement.
As a result of British Steel pension mis-selling, many workers have:
In most cases, the affected steelworkers suffered losses of around £82,000, but for some workers, this rose to £489,000. Almost 8,000 people could be affected by this scandal, with around £2.8 billion transferred from British Steel’s pension scheme.
The financial advisors caught-up in this scandal often received commission or other fees for facilitating the pension transfers. Around 50% of the advice given to BSPS members was unsuitable. Better Retirement Group (BRG) is one of the companies found guilty of British Steel pension mis-selling.
Where multiple people have received negligent or fraudulent pension advice from the same professional advisor/company, we can help them to recover their losses collectively. Group actions can be a powerful tool and can have a bigger impact than a single claim.
We are currently looking into a group action case against Better Retirement Group.
If you were persuaded to transfer your British Steel pension to a private scheme – either by BRG or another advisor – you might have been mis-sold and we can help you to make a claim. Signing up is straightforward and costs you nothing as we act on a no win-no fee basis.
You may have been mis-sold even if your current pension pot seems healthy.
Better Retirement Group (BRG) is one of the companies found guilty of British Steel pension mis-selling. BRG is thought to have facilitated at least 85 transfers from the BSPS. Many of these transfers were made in conjunction with Fiducia Wealth Solutions. Fiducia (which is now a failed company) did not have the authority to advise on certain elements of the transfers without BRG.
In June 2022, the Financial Ombudsman upheld five complaints made against BRG, and other complaints have been made against the business. Many of these complaints were made in relation to British Steel pension mis-selling. Following this, in September 2022, Better Retirement Group Limited ceased trading and entered into Creditors Voluntary Liquidation. And, in 2023, the Financial Services Compensation Scheme (FSCS) announced the failure of BRG.
The FSCS helps to protect consumers when financial firms fail. If Better Retirement Group (or another UK-regulated adviser) gave you bad advice concerning your British Steel pension, we can help you make a successful claim.
We believe that those affected by British Steel pension mis-selling could be owed many thousands of pounds. We make the process of claiming back what you are due straightforward. It is free to sign up and takes only a few minutes.
Here are some of the questions our clients have asked our expert lawyers about making BSPS mis-selling claim.
Thousands of steelworkers were targeted in the British Steel pension scandal and/or given unsuitable financial advice. As a result, many have lost thousands of pounds from their pension pots as a result.
No, many advisors are caught up in this scandal. But BRG is thought to have facilitated a significant number of transfers from the BSPS. Many of these transfers were made in conjunction with Fiducia Wealth Solutions, a company that did not have the authority to advise on certain elements of the transfers alone.
If you believe that you were involved in the British Steel pension scandal, contact us to find out more about what this involves. If you are not sure if you have a claim, we can find this out for you.
You will only have to pay anything if you win. You will not have to pay anything upfront. Any payment would only come out of the money that we recover on your behalf. We will conduct the claim for you under a no-win, no-fee agreement. If you win, our fees will be deducted from your damages.
Each case is different, but we believe that those affected by the mis-selling of British Steel pensions could be owed thousands of pounds each. If we make a claim via the Financial Services Compensation Scheme (FSCS), which provides compensation where a financial firm has failed, we can claim up to £85,000 per person.
Not at all. The process to join is straightforward and can be completed quickly from your phone or computer.
A House of Commons public accounts committee has called for a review of the UK Financial Conduct Authority’s (FCAs) monitoring of the pension transfer market. A highly critical report by the committee looked into the British Steel Pension Scheme (BSPA).
According to MPs, the FCA “failed” to protect BSPS members from “unscrupulous financial advisers”. The committee said the UK’s regulatory system left these members open to manipulation, and that, despite being aware of the risks, the FCA failed to take preventive action”.
BSPS mis-selling is something that our Investment Fraud & Mis-Selling experts have been raising awareness of for some time. As such, we welcome the findings of the House of Commons’ public accounts committee.
As it stands, the FCA is failing to ensure that those affected by BSPS mis-selling, and other mis-selling cases, are compensated in full. We are renewing calls on the regulator to create an effective, comprehensive, and just redress scheme that fully compensates all those impacted.
With a deep understanding of, and extensive experience in mis-selling claims, our expert team has everything it takes to win. What’s more, the strength of our firm ensures that we never have to back down from a challenge. Indeed, with access to whatever resources we need – be that time to go the long-haul or the expertise to delve deep into the evidence – when it comes to getting justice for our clients against big organisations and government bodies, we don’t just even the score, we take the fight to them. We act on a strict no-win, no-fee basis, so, as our client, you will not pay us anything upfront.
Last month, steelworkers were invited to a roadshow on the Financial Conduct Authority’s (FCA’s) pension redress scheme. But, for many of those affected by British Steel pension mis-selling, the invite arrived after the event was held.
Today, the Financial Services Compensation Scheme (FSCS) has announced the failure of Better Retirement Group (BRG).
If you were advised to transfer your pension from the BSPS and have subsequently found yourself worse off, you may have a claim with the Financial Services Compensation Scheme (FSCS). The FSCS exists to protect consumers when financial firms fail.
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