The Financial Conduct Authority hosted a meeting in South Wales for steelworkers who received unsuitable advice to transfer out of the pension scheme to receive one-to-one advice.

While its welcome that the regulators have come to South Wales to meet with steelworkers, the sad and frustrating truth is that for many this was a case of too little, too late.

Right from the word go this whole scandal has seen thousands of steelworkers, who have given their lives to the industry, being ripped off by con men masquerading as financial advisers, and then let down by the regulators who were supposed to protect them. That’s why Nick Smith MP and I are calling for an independent inquiry into this whole affair, and we won’t rest until we’ve got one.