Posted: Sun 11th Jun 2023

MS Jack Sargeant teams up with financial watchdog to promote British Steel Pension Redress Scheme

News and Info from Deeside, Flintshire, North Wales
This article is old - Published: Sunday, Jun 11th, 2023

Local MS Jack Sargeant hosted a pivotal event in Deeside in association with the Financial Conduct Authority (FCA) aimed at promoting awareness and understanding of the British Steel Pension Redress Scheme – a crucial lifeline for former employees potentially wronged by misguided financial advice.

The redress scheme relates to a burgeoning scandal involving members of British Steel’s defined benefit pension scheme, which guaranteed final salary pensions to approximately 130,000 members.

Some former British Steel employees were given the wrong advice and the FCA have written to them to say they could be owed money, and the adviser will have to pay them back the money they have lost.

The event in Deeside served as a platform for educating attendees about the redress scheme.

Participants had the opportunity to engage in an information session, an open-floor Q&A, and one-to-one support sessions with representatives from FCA, the Financial Ombudsman Service (FOS), the Financial Services Compensation Scheme (FSCS), and MoneyHelper.

The ultimate aim was to empower affected individuals with the knowledge and tools they need to seek redress.

Jack Sargeant voiced his support for the redress scheme, expressing his commitment to the hardworking community built on steel.

He stated, “This community was built on steel and those workers worked hard for their pensions. If poor advice was given, they deserve compensation. That’s why I have been working with the FCA to ensure everyone is as well informed as they can be about the redress scheme.”

Those unable to attend the event can still access crucial information about the British Steel Pension Redress Scheme on the FCA’s website, here.

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