The FCA and redress organisations worked to engage with and encourage BSPS members to seek compensation through direct letters and in-person events.54 Despite these efforts only 25% of all members who received unsuitable advice have raised claims with redress organisations, and the remaining 75% of members who may be eligible for compensation have received nothing at all.55 This highlights a problem in the way the FCA communicated with steelworkers, given the low rate of complaints. The FCA did not take proactive steps early enough to engage with the affected BSPS members and find out which methods were most appropriate to contact them and build trust. Their approach lacked the data, enquiry and empathy required. It has taken the FCA five years to propose a redress scheme for BSPS members, and when questioned on its delayed approach the FCA told us that a scheme was considered consistently during its response to the BSPS case, but a complaints-based approach was deemed the fastest way to provide compensation.56 The former Chief Executive of the FCA told us that the regulator needed to collect the necessary evidence to undertake a redress scheme, including an unbiased sample of BSPS cases, which required additional work and time.57 47 C&AG’s Report, para 3.18, figure 13 48 Q 92 (27 April) 49 C&AG’s Report, para 3.14 50 Q 17 (27 April) 51 Written evidence submitted by Mr Anthony Lewis dated April 2022 52 Q 17 (27 April) 53 Q 103 (27 April) 54 Qq 45, 66 (27 April) 55 Qq 55, 67 (27 April) 56 Qq 18, 81 (27 April) 57 Qq 61, 62 (13 June) 14 Investigation into the British Steel Pension Scheme 2 Wider issues within the regulation of pension transfer advice