Steelworkers get improved payouts from FSCS
9th April 2019
The Financial Services Compensation Scheme (FSCS) has issued an update today (9th April 2019) about its compensation decisions for British Steel Pension Scheme (BSPS) members affected by the failure of Active Wealth, which wrongly advised them on pension transfers.
The FSCS update comes ahead of a debate tomorrow in Parliament led by Nick Smith MP about the steelworkers' case.
To date FSCS has received 77 claims and paid compensation totalling £1.8m to 61 of these claimants, an average of just over £30,000 per claimant. FSCS topped up five of those claimants after recalculations, including one customer who had previously received no compensation, with an additional total of £80,000. Of the total 77 claimants, 11 suffered no loss and so were not entitled to any compensation. Five remaining cases are likely to be decided soon.
Mark Neale, outgoing FSCS CEO, said: "We know that there are other BSPS members who may be entitled to make a claim but have yet to come forward. I urge to make a claim direct with FSCS at no cost, via our website or contacting us for more information."
See FSCS’s press release of 11 Jan 2019 for detailed background.
FSCS's claims website is at https://claims.fscs.org.uk/
FSCS can also be contacted on freephone 0800 091 4100 or via our webform https://www.fscs.org.uk/contact-us/
Email firstname.lastname@example.org or call:
t: 020 7375 8638 / m: 07557 264015
t: 020 7375 8636 / m: 07584171973
Notes for editors:
- The loss incurred by 16 claimants exceeded FSCS's £50,000 limit. These claimants received a combined £800,000 but lost a total of £2.2m. If the new compensation limit of £85,000 in force from 1 April 2019 had been in place at the time of the failure, then the losses incurred by 12 of these claimants would still have exceeded this limit.
- Read more about the FSCS on our Notes for editors page