The regulated financial market failed to protect the British Steel Pension Scheme members, according to a damning report from the National Audit Office (NAO) into the wave of bad advice given to BSPS members.

The National Audit Office, the UK’s independent public spending watchdog, is to investigate the FCA’s handling of the British Steel Pension Scheme restructuring.

A damning report from the National Audit Office out today has revealed that 134,000 state pensioners were underpaid by an average of £8,900 each - with some underpayments dating back to 1985.

The FCA has delayed the publication of its Annual Report and Accounts - due this month - for at least two months due to the Coronavirus pandemic.