UK regulator faces National Audit Office investigation over British Steel scandal

Jenna Brown
clock • 1 min read

UK regulator FCA's response to the British Steel defined benefit (DB) transfer scandal, which saw thousands of workers given unsuitable advice to quit the final salary pension scheme, is to be investigated by the National Audit Office (NAO). The NAO said the investigation is scheduled to begin next spring and would be overseen by director Charles Nancarrow and audit manager Ivan O'Brien. It added the probe would set out the activities the Financial Conduct Authority (FCA) undertook to regulate financial advice in the British Steel Pension Scheme (BSPS) case, its plans for supporting s...

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