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.

The CISI Annual Financial Planning Conference heard today from an expert panel that many lessons can be learned from the BSPS debacle and more must be done to stop a repeat.

Thirty-four complaints have been made against the liquidated advisory firm at the heart of the British Steel Pension Scheme story.

FCA director of supervision Megan Butler has written to the Work and Pensions Select Committee to inform chairman Frank Field that the regulator will collect data this year from all advisory firms transacting pension transfers.