it happened last year when tata restructured the british steel workers pension scheme, meaning its 124,000 members had to decide what to do with that money. thank you forjoining us, a very strongly worded damning report here. yes, and rightly so, ithink, there we re yes, and rightly so, ithink, there were clearly some system failures here, the reports highlighted various things that could have been done differently to protect the worker, there was a particular set of circumstances towards the end of last year, where they had to make a fairly complex decision in a short period of time, their trust in the pension scheme had been undermined. they knew which ever of the two options they were being presented with, the replacement scheme or going into the lifeboat fund would have resulted in some loss of money for them, in that environment, unscrupulous advisers started knocking on their doors and offering them a third option, which would have involved transferring their money out of the pension schemes all together, into an individual pension and in the process, giving up the valuable guarantee

"shamelessly bamboozled" — that's how a parliamentary report has described members of the british steel workers pension scheme, who were given unsuitable financial advice, leading some to lose out on thousands. it happened last year when tata restructured the scheme, meaning its 124,000 members had to decide what to do with that money. earlier we spoke to tom mcphail, head of policy at hargreaves la nsdown. there were clearly some system failures here, the report highlighted various things which could have been done differently to protect the steelworkers. there was a particular set of circumstances towards the end of last year where they had to make a fairly complex decision in a short period of time. the trust and pension scheme had been undermined, they knew whichever of the two options they were presented with, the new replacement scheme or going into the lifeboat protection fund would have resulted in some loss of money for them. in that environment, unscrupulous advisers started knocking on their doors and offering a third option which involved transferring money out of pension sc

british steel workers have been ripped off by advisers. we will look at why and what is being done to advise them. is it all down to the new skeleton suits that they are doing so well? we will chat to amy williams at 7:30 a.m.. while it was high fives for liverpool in the champions league, they all but booked a place in the quarter—finals, winning the away leg in porto 5—0. mat with the weather. a few showers around again producing snow across the north and the west of the uk. first, our main story. at least 17 people including children and adults have been killed after a gun attack at a high school in florida. several other people are being treated in hospital. shortly after the shootings, police arrested a 19—year—old former pupil who'd been expelled from the school in parkland, around 50 miles north of miami. this was supposed to be one of the safest communities in the country. in an instant, these students became helpless targets, sheltering in place and fearing for their lives. officials now suggest this was a well—planned p

last year, members of the old british steel pension scheme faced a huge decision about their retirement savings after tata, which had taken over the liabilities, said it was no longer viable. workers could choose to transfer their benefits out of the scheme. a report by a committee of mps says some of those who did were exploited, shamelessly bamboozled by dubious financial advisers. there have been people who probably had been fleeced of the most valuable asset they will have ever had, which they built up as part of their pension scheme, of which these financial vultures have been after and in too many cases been successful in getting their claws on. we uncovered the case of richard bevan, who'd transferred his benefit into a private scheme after seeking independent financial advice. he estimates the decision has cost him around £200,000. i'm not a gullible sort of person but i've obviously been led into doing something that wasn't right for me, by a financial adviser, you know? and it's pretty...it‘s not a nice place to be at the moment. the financial conduct authority is criticise

last year, members of the old british steel pension scheme faced a huge decision about their retirement savings, after the company which took over the earnings said it was no longer viable. workers could tra nsfer no longer viable. workers could transfer out of the scheme, a report said that some of those who did were exploited, bamboozled by dubious financial advisers. there have been people who probably have been fleeced of the most valuable asset they will have ever had, which they built up as part of their pension scheme, of which the financial vultures have been after and in too many cases, been successful in getting their claws in. we uncovered the case of richard bevan, who transferred into a private scheme after seeking independent financial advice. he estimates the decision has cost him around £200,000.” advice. he estimates the decision has cost him around £200,000. i have obviously been led into doing something i wasn't right doing by a financial adviser. and it is not a nice place to be in at the moment. the financial conduct authority is criticising this report for not

last year, members of the old british steel pension scheme faced a big decision about their retirement savings, after tata which had taken over the liabilities said it was no longer viable. workers could choose to transfer their benefit out of the scheme. a report by a committee of mps said some of those who did were exploited, shamelessly bamboozled by dubious financial advisers. there have been people who probably have been fleeced of the most valuable asset they will have ever had, which has been built up as part of their pension scheme, for which the financial vultures have been after and, in too many cases, been successful in getting their claws on. we uncovered the case of richard bevan, who had transferred his savings into a private scheme. he believes the financial advice he was given was unsuitable, which resulted in him losing out on £200,000. we passed evidence of his complaint to the financial conduct authority, which regulates the industry. it is criticised in the report for not acting quickly enough. richard welcomes the scrutiny by mps, but says it is too late for him.