Question to the HM Treasury:
To ask Her Majesty's Government, further to the Financial Conduct Authority's finding on 10 August that a pensions adviser was “seriously incompetent” in his work providing advice to 183 members of the British Steel Pension Scheme, what plans they have to set up an industry-wide redress scheme for steelworkers given poor pension transfer advice.
This is an operational matter for the Financial Conduct Authority (FCA), who are operationally independent from Government.
The question has been passed on to the FCA who will reply directly to the Noble Lord by letter. A copy of the letter will be placed in the Library of the House.