The Financial Conduct Authority is set to launch a scheme to pay out an estimated £71.2m to victims of the British Steel Pension Scheme pension transfer scandal.

The latest FCA action on the BSPS scandal has highlighted the considerable risks for Financial Planners in advising on DB transfers. 

SIPP provider Heritage Pensions Limited has gone into liquidation this week after a string of upheld claims against the firm.

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.