The Financial Services Compensation Scheme has launched an investigation into Newport-based Prism Independent Financial Advisers Ltd (FRN: 515431).

The FCA has censured Quilter-owned Lighthouse Advisory Services Limited for serious advice failings in relation to the British Steel Pension Scheme (BSPS) which resulted in £23m paid in redress to clients.

The UK’s financial regulators have claimed that by working together they achieved better outcomes for members of the British Steel Pension Scheme (BSPS) as well as savers thinking of transferring their pensions.

A legal challenge against the Financial Conduct Authority’s decision to set up a redress scheme for former British Steel Pension Scheme (BSPS) members has been scrapped.