When the financial historians come to write a chapter about the British Steel Pension Scheme debacle the word “shameful” is likely to be used.

Financial adviser Denis Lee Morgan has been banned by the FCA from advising on pension transfers and opt outs following British Steel Pension Scheme advice failings.

The FCA has banned financial adviser Mark Abley of County Capital Wealth Management Ltd and told him to pay £106,100 to the Financial Services Compensation Scheme (FSCS) for poor pension transfer advice to BSPS members.

The FCA has today forced a further three firms to reverse the effects of misleading British Steel Pension Scheme (BSPS) offers.