Together, the two pieces of legislation mean that any retail advice given to local consumers about their pension arrangements will fall within financial regulation overseen by the Jersey Financial Services Commission.
The FCA has also fined Timothy Haywood, a former Investment Director and Business Unit Head at GIML, £230,037.
Overall, DWP estimates it has underpaid 134,000 pensioners, which are mostly women, and has therefore set aside £1bn to fix the issue before the end of 2023.
Steelworkers were badly let down, “left at the mercy of rogue advisers, scammers and shameless introducers” without any of the necessary support or advice they needed, he explained.
At the time, the FSCS said all 41 claims levied by former clients of John Dyer, which the FSCS said advised on BSPS pension transfers, were in progress.
The Department of Labour and Pensions, through the statement, added that voluntary pension contributions can be paid into pension funds.