#StandUpForSteel

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Stephen Kinnock Calls For Early-Warning System So Regulators Can Be More Proactive

Aberavon MP, Stephen Kinnock, has said lessons need to be learnt from the creation of the British Steel Pension Scheme mark 2, and called for an early-warning system so regulators can be more proactive in tackling the unscrupulous behaviour of certain pension advisers witnessed in Port Talbot. Continue reading

Creation Of BSPS2 Created Fertile Territory For Unscrupulous Pension Advisers To Swoop In Like Vultures And Exploit Vulnerable People

My colleague, Debbie Abrahams, secured an urgent question in the House on stopping the abuse of private sector pensions. I spoke in the debate on how the creation of the British Steel pension scheme mark 2 created fertile ground for unscrupulous pension advisers to prey on vulnerable people.  Continue reading

Financial Guidance And Claims Bill Should Take Steps To Improve The Early Warning System So Regulators Can Be More Proactive

Today the Commons debated the Financial Guidance and Claims Bill (Lords). In the debate I spoke about the lessons we need to learn from the transfer of the British Steel pension scheme into a new scheme, and the need for an early warning system so the regulator can be more proactive when unscrupulous individuals take advantage of vulnerable people.  Continue reading

Taxation Cross-Border Trade Bill, If Passed In Its Current Form, Would Fatally Undermine The British Manufacturing Sector

As Parliament reconvened after the Christmas recess we hit the ground running with the Taxation (Cross-border) Trade Bill. This seeks to establish a new post-Brexit trade defence regime, but as I said in my speech in the House, in it's current form it would fatally undermine the British manufacturing sector, including the steel industry in my Aberavon constituency. You can read my speech below.  Continue reading

FCA Response On The British Steel Pension Scheme Scams

This is the response that I have received from the FCA to my letter about the British Steel Pension Scheme scams. Continue reading

Steel Sector Deal Debate

I secured a debate in Westminster Hall on a steel sector deal. In the debate I argued that we need the government to approve the steel sector deal & radically reshape the energy market, but they have done nothing. This is about defending our communities & building a successful industrial strategy, and we cannot do that unless we stand up for steel. Continue reading

Stephen Kinnock Hails Steel And Metals Institute

On a visit to the Steel and Metals Institute in Swansea University, Stephen Kinnock has hailed the work that they are doing to support and advance the steel industry. During the visit Mr Kinnock witnessed the work the Institute is doing with Tata Steel and SPECIFIC, looking at different uses for steel and developing the molecular structure of steel for new and exciting alternative uses. Continue reading

Channel 4 News - British Steel Pensions

I was interviewed on Channel 4 News about the unscrupulous and opportunistic financial advisers providing steelworkers with poor financial advice and ripping them off. I called for a crackdown on these vultures and that the Financial Conduct Authority the powers to crack down on these fraudulent pension advisers.  Continue reading

Aberavon MP Raises Concerns With Financial Conduct Authority Over British Steel Pension Scheme Scams

Aberavon MP Stephen Kinnock has contacted the Financial Conduct Authority (FCA) over worrying reports of opportunistic financial advisers providing steelworkers with poor financial advice and luring steelworkers into transferring millions out of pension funds. Mr Kinnock will be meeting with Mr Bailey next week and has said, ‘I am increasingly concerned about the stories of unscrupulous advisers targeting the steelworkers and cheating them out of their pension money. I will be raising these concerns directly with the Chief Executive of the Financial Conduct Authority.’ Continue reading

My Letter To The FCA On The British Steel Pension Scheme Scams

I have written to the Chief Executive of the Financial Conduct Authority about the worrying reports of opportunistic financial advisers providing steelworkers with poor financial advice and luring steelworkers into transferring millions out of pension funds. Urgent action is needed to address this. Continue reading