So far 2,600 out of 130,000 BSPS savers have transferred their pension pots GETTY IMAGESThe language could not have been starker. Members of the House of Commons’ work and pensions select committee this week warned of a “major misselling scandal” in the aftermath of Tata Steel’s decision to offload its £15 billion British Steel Pension Scheme (BSPS). Steelworkers who decided to transfer their six-figure savings had been “shamelessly bamboozled” by disreputable financial advisers flogging costly schemes with big commissions, while regulators were accused of “fiddling while Rome burns”. What triggered the MPs’ probe? The committee was moved…

Source: The Times February 17, 2018 00:00 UTC