The Personal Financial Society (PFS) has asked the Financial Conduct Authority (FCA) to reconsider its plans for assessing the amount of compensation owed to British Steel pension scheme (BSPS) members.

The Financial Conduct Authority (FCA) is getting better at timely consumer interventions, chief executive Nikhil Rathi has told MPs during their probe into the British Steel Pensions Scheme (BSPS) scandal.

Yorkshire-based Briggs Murray Financial Planning & Wealth Management and Newcastle-based Whitebridge Financial Planning have been declared in default by the Financial Services Compensation Scheme.

Nikhil Rathi, chief executive of the Financial Conduct Authority, is to face questioning from MPs as part of the Public Accounts Committee’s inquiry into the British Steel Pension Scheme transfer scandal.