The Financial Services Compensation Scheme (FSCS) has issued an update today about its compensation decisions for British Steel Pension Scheme (BSPS) members affected by the failure of Active Wealth, which wrongly advised them on pension transfers.

The FSCS update comes ahead of a debate tomorrow in Parliament led by Nick Smith MP about the steelworkers' case.

To date FSCS revealed it had received 77 claims and paid compensation totalling £1.8m to 61 of these claimants, an average of just over £30,000 per claimant.

FSCS topped up five of those claimants after recalculations, including one customer who had previously received no compensation, with an additional total of £80,000.

Of the total 77 claimants, 11 suffered no loss and so were not entitled to any compensation.

Five remaining cases were said be be “likely to be decided soon”.

Mark Neale, outgoing FSCS CEO, said: “We know that there are other BSPS members who may be entitled to make a claim but have yet to come forward.

“I urge to make a claim direct with FSCS at no cost, via our website or contacting us for more information.”