LONDON (Reuters) – Britain’s financial watchdog on Monday published rules for payment of compensation to more than 1,000 former members of British Steel’s pension scheme for being wrongly advised to move their retirement savings.
Financial advisers must compensate those affected by February 2024, with more than 1,000 steelworkers expected to receive an average of 45,000 pounds ($54,418), the Financial Conduct Authority said in a statement.
($1 = 0.8269 pounds)
(Reporting by Huw Jones; Editing by David Goodman)
