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Steelworkers' pensions subjected to 'feeding frenzy' by advisers

Frank Field accuses FCA of not protecting workers over concerns at how the British Steel Pension Scheme was treated during Tata’s merger

The UK financial regulator has been accused of “sleepwalking into another huge misselling scandal” by a Labour MP, after an investigation into how thousands of former steelworkers may have lost out following complex pension transfers that earned financial advisers large fees.

Frank Field, the chair of the work and pensions select committee, accused the Financial Conduct Authority of failing to protect steelworkers who were part of the British Steel Pension Scheme (BSPS) amid concerns of a “feeding frenzy” by financial advisers.

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