The Financial Services Compensation Scheme reported today that it has so far received 1,018 claims from former members of the British Steel Pension Scheme (BSPS).

The total paid so far in compensation by the FSCS has now topped £30m with many more claims likely.

The FSCS has also reported that a further five firms have failed since 19 November.

They are: 

• Acklam Financial Ltd (FRN 223707)
• A W Dallas Financial Services Ltd, trading as Portfolio Pension Consultancy (FRN 481208)
• Independent Benefit Consultancy Ltd (FRN 522390)
• Tramway Financial Management Ltd (FRN 752006)
• West Wales Financial Services Ltd, trading as IWA Financial Solutions, and Mike Powell Mortgages (FRN 756482)

The FSCS said that as of Monday 29 November, it had received a total of 1,018 claims from former members of the BSPS who were advised to transfer out of the scheme by a firm that has since failed. 

FSCS staff are travelling to Scunthorpe, a major steel-making town, to discuss with potential claimants the advice they received.

The Financial Conduct Authority (FCA), FSCS and the Financial Ombudsman Service are offering in-person, one-to-one appointments in Scunthorpe from Monday 6 to Wednesday 8 December. The Scunthorpe event follows two recent events in Swansea which took place during September and November.

Members of the BSPS scheme were targeted by a number of financial adviser firms seeking to transfer their pensions away from BSPS. Many of these financial adviser firms have now failed.

Around half of the claims so far have been made using FSCS's free online claims service. Many have also used friends or family members to help them with their claim.

• Anyone considering making a claim can visit a dedicated BSPS page on FSCS's website to find out more.