British Steel pension mis-selling

Solicitors with proven success in winning compensation for steelworkers

Are you one of the 7,700 members of the British Steel Pension Scheme who transferred away from the BSPS into a personal pension arrangement? If you are, you may want to check the financial advice you received hasn’t left you in a worse position.

Clarke Willmott’s team of financial litigation solicitors has unrivalled expertise in this area and is already acting for more than 1,000 former BSPS members against more than 100 firms. We can advise you as to whether your transfer was potentially unsuitable, and if so, how to go about claiming compensation for any losses that you have incurred.

We have successfully claimed back more than £20 million for steel workers who were badly advised to transfer their pensions.

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Watch more videos about making a British Steel pension claim.

You have six years from the date you received the advice to make your claim.

As most transfers happened between 2016 and 2018, time to make a claim is running out. We strongly advise acting as soon as possible so that you don’t miss out.

Book a free consultation at a time to suit you

One of our BSPS mis-selling specialists will be in touch very soon.

How we can help you make a BSPS pension mis-selling claim

1. Explaining what went wrong and why – we can explain why transfers into personal pension arrangement were generally not in the interests of steelworkers, to help you understand why you might have been mis-advised.
2. Helping you understand your options to recover compensation for any losses incurred – the FCA has recently announced a redress scheme to compensate former BSPS members, though there are exclusions and some people will not be able to participate, or may become time-barred if they wait for the scheme to come into effect. We can advise you on alternatives such as complaints through the Financial Ombudsman Service and claims through the FSCS where firms are insolvent, and help you make those complaints or claims if you would like us to.
3. Identifying multiple complaints against multiple firms – some people might be inclined to only make a claim or complaint in relation to the firm which advised on the transfer. However, in some cases, we have identified that there is the potential to make multiple complaints or claims against multiple firms which can maximise the compensation you might receive.
4. Holding insolvent advisers to account – if your adviser is now insolvent, we can help you claim compensation from the Financial Services Compensation Scheme (FSCS). We have identified errors in FSCS calculations for our clients and recovered hundreds of thousands of additional compensation for them which would have been lost had we not intervened. We can also take steps to register you as a creditor in the liquidation if you wish and, if appropriate, push for the directors’ actions to be investigated.
5. Helping you establish what you have lost and what fair compensation would be – we can put you in touch with actuaries who have extensive experience in relation to BSPS and calculating losses arising. This can be important to understand, for example, whether the amount of compensation you have been offered is fair and reasonable.

A steelworker’s experience making a claim

Contact our pension mis-selling specialists today

If you haven’t yet made a claim or complaint about your pension transfer, please feel free to call us on 0800 422 0221 or email pt@clarkewillmott.com.

We offer a free initial consultation and can act on a no-win no-fee basis, so if you don’t receive compensation, you won’t have to pay us a penny.

Please be aware that you do not need legal representation to claim compensation from the Financial Ombudsman Service or to apply to the Financial Services Compensation Scheme. If you would like to check whether you have a claim without speaking with a solicitor, you can do so using the FCA’s online defined benefit advice checker.