The Financial Services Compensation Scheme (FSCS) has issued an update today about its compensation decisions for British Steel Pension Scheme (BSPS) members affected by the failure of Active Wealth, which wrongly advised them on pension transfers.

The lessons from the British Steel Pension Scheme debacle will reverberate for a long time but I wonder if the recent criticism of the regulators is just another knee-jerk response to a financial mess which could well be repeated.

A new report into the BSPS debacle has heavily criticised regulators including the FCA and TPR.

The Financial Services Compensation Scheme (FSCS) has revealed it has so far paid out £1.1m to former Active Wealth clients hit by the British Steel pensions debacle.