FSCS receives over 1000 claims from former members of the British Steel Pension Scheme (BSPS)

Former BSPS members are encouraged to book in-person appointments in Scunthorpe to discuss the advice they received

As of Monday 29 November, FSCS has received a total of 1,018 claims from former members of the BSPS who were advised to transfer out of the scheme by a firm that has since failed. The total compensation paid by FSCS now stands at over £30m.

Around half of these customers have made their claims directly using FSCS’s free online claims service, meaning if FSCS has been able to pay compensation, they have kept every penny. Many have also used friends or family members to help them with their claim.

The Financial Conduct Authority (FCA), FSCS and the Financial Ombudsman Service are offering in-person one-to-one appointments in Scunthorpe from Monday 6 to Wednesday 8 December. Anyone who wishes to talk to someone about the advice they received or how to make a complaint or claim can find out more and book online now. The Scunthorpe event follows on from two recent events in Swansea, which took place during September and November.

A further five firms who gave advice on BSPS transfers have failed since 19 November, so customers of these firms can now check if they are eligible and submit a claim for free with FSCS online:

  • Acklam Financial Ltd (FRN 223707)
  • W. Dallas Financial Services Ltd, trading as Portfolio Pension Consultancy (FRN 481208)
  • Independent Benefit Consultancy Ltd (FRN 522390)
  • Tramway Financial Management Ltd (FRN 752006)
  • West Wales Financial Services Ltd, trading as IWA Financial Solutions, and Mike Powell Mortgages (FRN 756482)

Anyone considering making a claim can visit a dedicated BSPS page on FSCS’s website to find out more.


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Emma Barrow - 07730 668 558

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