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FCA issues new fraud warning over British Steel advice firm

Fraudsters are targeting former clients of collapsed British Steel IFA Active Wealth (UK) by pretending to be helping with compensation claims, the Financial Conduct Authority (FCA) has warned.

FCA issues new fraud warning over British Steel advice firm

Fraudsters are targeting former clients of collapsed British Steel IFA Active Wealth (UK), the Financial Conduct Authority (FCA) has warned.  

The fraudsters have been attempting to contact clients of the liquidated West Midlands-based firm, which was at the heart of the scandal surrounding advice to steelworkers in Port Talbot, pretending to be from the regulator and offering assistance with claims for compensation for mis-sold pensions and investments. 

The FCA bulletin added: 'We have been made aware that a third party may have provided information about former clients of Active Wealth (UK) to another entity. While we are investigating this, we want to ensure that consumers are aware of the issue in case they are contacted.  

'The fraudsters may tell you some of your personal information, such as your date of birth or National Insurance Number, to give the impression that the communication is genuine. You may also be told you are entitled to a sum of money, and that the FCA needs your bank account details to make the payment.' 

New Model Adviser® revealed Active Wealth (UK) was the first IFA firm to suspend its pension transfer permissions following regulatory intervention relating to British Steel advice last year. It subsequently entered liquidation in February 2018. New Model Adviser® understands that a group legal action has amassed 67 complaints against the firm have been logged with the Financial Services Compensation Scheme (FSCS) thus far. 

British Steel IFA Active Wealth was reincarnation of failed firm.

Sausages, Swansea and steelworkers: the British Steel story so far.

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