Advisers largely supported the pension freedoms and must now pay the price for defined benefit (DB) transfer mis-selling, according to Labour MP Stephen Kinnock.
In the second part of his interview with New Model Adviser®, the MP for Aberavon, home of the flagship British Steel site in Port Talbot, labelled the pension freedoms legislation a 'ticking time bomb'.
Kinnock was in conversation with steelworkers and the trustees of the British Steel Pension Scheme (BSPS) as the pension transfer debacle unfolded.
Asked if he sympathised with advisers now facing elevated FSCS levies as a direct result of firms implicated in the BSPS saga, Kinnock suggested are reaping what they sowed by supporting pension freedoms.
In part 1 of the interview, Kinnock blasted the Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) for failing to foresee the 'storm brewing' on British Steel.