British Steel Pension Scheme

Public Accounts Committee Closed Inquiry
Opened: 15 Mar 2022 Closed: 14 Oct 2022 Parliament page
When the British Steel Pension Scheme (BSPS) was restructured in 2017, its members were given a set of options for what to do with their pension “pot”, including transferring their funds out of the pension scheme altogether. Around 7,700 members, many of whom received independent financial advice to inform their … Read more
5 Recommendations
18 Conclusions
1 Report
2 Oral sessions
1 Letter
2 Events
Activity timeline 7 events
14 Oct
2022
Report published
21 Jul
2022
Report published
13 Jun
2022
Oral evidence
13 Jun
2022
Formal meeting (oral evidence session) · The Grimond Room, Portcullis House
23 May
2022
Correspondence
27 Apr
2022
Oral evidence
27 Apr
2022
Formal meeting (oral evidence session) · The Grimond Room, Portcullis House
Oral evidence sessions 2 sessions
13 Jun 2022
View on parliament.uk
British Steel Pensions Scheme; Regulation after EU Exit
Andrew Bailey · Bank of England Emily Miles · Department for Environment Food and Rural Affairs Michael Grenfell · Competition and Markets Authority Sarah Albon · Health and Safety Executive
27 Apr 2022
View on parliament.uk
British Steel Pension Scheme
Caroline Rainbird · Financial Services Compensation Scheme (FSCS) Nausicaa Delfas · Financial Ombudsmen Service Nikhil Rathi · Financial Conduct Authority Philippa Hann · Clarke Willmott LLP Rich Caddy · British Steel Pension Scheme Sheldon Mills · Financial Conduct Authority Tim Fassam · Personal Investment Management and Financial Advice Association (PIMFA)
Title HC No. Published Items Response
Fourteenth Report - Investigation into the British Steel Pension… HC 251 21 Jul 2022 23 Responded
Recommendations & Conclusions
1 result
Clear
3 Recommendation Accepted in Part
Fourteenth Report - Investigation …
The Financial Conduct Authority has not been sufficiently proactive or timely in using its enforcement...
The Financial Conduct Authority has not been sufficiently proactive or timely in using its enforcement powers. To date, the FCA has issued one fine in response to the BSPS case, and while it has 30 more enforcement actions in place, … Read more
Government Response
The FCA will provide a high-level update on enforcement activity and the Treasury outlined existing mechanisms to address activity outside the FCA's perimeter, but did not commit to specific changes to enforcement powers or the regulatory perimeter.
HM Treasury
View details
Government Response AI assessment · 23 of 5 classified
Accepted 1
Accepted in Part 1
Acknowledged 15
Deferred 1
Not Addressed 2
Rejected 3
Total 5 recs + 18 conclusions
Correspondence 1 letter
23 May 2022 Correspondence from Nikhil Rathi, Chief Executive, FCA – Financial Conduct Authority, re 27 April - British Steel Pensions Scheme (BSPS) session, dated 18 May 2022
Parliament page