Chartered Financial Planner Darren Antony Reynolds has been banned from being a director for 13 years for pension transfer failings which resulted in clients losing £24m from their pensions.

The Financial Services Compensation Scheme has opened its doors to claims from victims of a failed advice firm which dealt with British Steel workers.

The FCA says that 47% of the DB pension transfer advice given to members of the British Steel Pension Scheme was ’unsuitable’ with only 21% ’suitable.’

The FCA is to host a series of events for British Steel Pension Scheme Members (BSPS).