- According to the Public Account Committee (PAC), the FCA should have not only identified such unscrupulous characters but also taken stringent actions against them.
- PAC reported that approximately 7,800 members lost an average of £82,600 of their life savings.
The UK steel pensioners have been ripped off their precious savings due to the poor advice given to them by financial advisors, as per a recent report. The MPs have blamed the Financial Conduct Authority (FCA) for failing to regulate such illicit players and punish them for their deeds.
According to the Public Account Committee (PAC), the FCA should have not only identified such unscrupulous characters but should have also taken stringent steps to ensure that the precious money of these workers was not manipulated.
The PAC reported that approximately 7,800 members have lost an average of £82,600 in life savings. Some of them have even lost up to £489,000 when the government introduced pension freedoms in 2015. The financial advisors transferred the steelworkers new pension freedom scheme savings into riskier schemes, resulting in them suffering from losses.
In next two years, the FCA didn’t have any idea about the DB pension transfer market. Later it was disclosed that 47% of the advice was unsuitable for the pensioners. The head of the FCA at that time and current Governor of Bank of England (BoE) Andrew Bailey faced criticism over his failure to protect steel pensioners.
Let’s explore 3 steel stocks to keep a close watch on.
Glencore Plc (LON: GLEN)
With a market cap of £55,797.89 million as of 21 July, Glencore Plc is one of the world’s largest globally diversified natural resource firms. The firm has offered its shareholders a one-year positive return of 40.96%, with a YTD return of 13.59%. At 08:05 AM (GMT+1), Glencore’s shares were trading at GBX 425.90, down by 0.04% on Thursday.
BHP Group Plc (LON: BHP)
The market cap of Australia-based multinational mining, metal, and petroleum company stood at £44,459.11 million as of 21 July. The miner has provided its shareholders with a one-year positive return of 8.75% and a YTD return of 8.32%. At 08:10 AM (GMT+1), BHP Group’s shares were trading at GBX 425.20, down by 0.20% on Thursday.
Ferrexpo Plc (LON: FXPO)
The market cap of Swiss-based commodity trading and mining company stood at £736.96 million as of 21 July. The miner has provided its shareholders with a one-year negative return of 71.13%, while its YTD return and Earning Per Share (EPS) stood at -58.78% and 1.08, respectively. At 08:10 AM (GMT+1), Ferrexpo Plc’s shares were trading at GBX 425.20, down by 0.20% on Thursday.
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