The Financial Services Compensation Scheme has declared BSPS-linked firm Green Gem Financial Ltd (FRN: 400488) in default over pension transfer advice, opening the door to compensation for ex-clients with valid claims.

Financial advisers who gave bad advice to BSPS victims have been ordered to pay just £8.87m in fines and redress to BSPS victims - far less than the £50m expected, an FCA report out today reveals.

The FCA has responded robustly to complaints about the time it took to provide redress to victims of the British Steel Pension Scheme (BSPS) scandal.

The Financial Services Compensation Scheme has launched an investigation into a duo of connected Dorset financial adviser firms following advice given to members of the British Steel Pension Scheme.