Blame and responsibility is being disproportionately placed upon the advice sector, following the Work and Pensions Select Committee’s report on the British Steel pension scheme, the Personal Finance Society has said.
The Society said a “more balanced and objective review is required to ensure the public are not disserved by reckless statements”.
Whilst acknowledging the fact that thousands of British Steel workers were forced into making unqualified and very emotional decisions within a completely unreasonable deadline”, PFS chief executive Keith Richards said the blame being dished out across the advice sector “is not in the public’s best interest”.
“Sadly, all British Steel pension scheme transfers will now come under scrutiny and genuine advisers will also fall under suspicion of doing the wrong thing. As a result, there is a growing risk of wider implications for any DB transfer.
“Poor practice and over-commercial activity will always be unacceptable and there is no defence for any firm which has compromised professional standards because they saw the pension reforms as a quick money-making opportunity.
“But spare a thought for the majority of genuine advisers who are being unfairly implicated in this mess and who themselves may now become victims of the fiasco."
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