FCA reveals £49m redress scheme for British Steel pensions

Financial advisers to pay about £45,000 a worker to 1,000 staff who received unsuitable advice

More than 1,000 former members of the British Steel pension scheme who received unsuitable advice from financial advisers accused of “enriching” themselves will receive an average payout of £45,000 in compensation.

The City watchdog on Monday launched plans for a scheme that seeks to compensate those who had not yet received redress after being given poor pension transfer advice when British Steel fell into financial hardship.

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