The Financial Conduct Authority has opened a formal investigation into a major pension provider, following a flood of complaints from savers who claim their retirement pots were decimated. Sources close to the regulator confirm the probe centres on alleged mis-selling of high-risk investment products to ordinary punters. One victim, a 62-year-old former factory worker from Bolton, told this paper: 'I lost thousands in savings.
They said it was low risk. Now I can't even afford to retire.' The FCA is yet to name the firm, but insiders point to a well-known high-street name with a history of regulatory scrapes.
Labour MP for Bolton West, who has been campaigning on the issue, said: 'This is a scandal that has left families destitute. The regulator must act swiftly and ensure compensation.' The firm in question declined to comment, citing the ongoing investigation.
But whispers in Whitehall suggest the Treasury is watching closely: any systemic failure could trigger a political storm for the Chancellor, already under pressure from backbenches over a perceived lack of consumer protection. The probe comes amid growing unease over pension freedoms introduced in 2015, which critics argue left savers vulnerable to cowboy advisers. Expect more heads to roll before this story is done.
