Three firms banned from giving advice to British Steel workers ahead of pension scheme deadline

By Scunthorpe Telegraph | Posted: 14 Dec 2017

An ongoing investigation by watchdogs at the Financial Conduct Authority (FCA) has seen three firms stopped from giving advice to British Steel workers over their pension investments.

The investigators are said this week to be interviewing six more firms – none of which have been identified.

The crack-down on firms advising stake-holders to transfer their savings into risky schemes comes ahead of D-Day for the estimated 20,000 stakeholders in North Lincolnshire.

READ MORE: Three partners behind Scunthorpe's British Steel each paid £1 million last year

Pensioners pictured leaving the Baths Hall, Scunthorpe following a meeting to explain the new British Steel Pension Scheme options.

It comes after workers have been given an extension on the deadline for a decision.

The steel pensioners have been given until December 22 to decide on their preferred options for their savings, ahead of March 2018 when the changes will be implemented.

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