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Pensioners who had their life savings gobbled by ‘vultures’ get just £50k back 

vulture
Pensioners who had their life savings gobbled by ‘vultures’ get just £50k back  Credit: Colchester Zoo

Savers who lost gold-plated pensions worth hundreds of thousands of pounds at the hands of a rogue financial adviser have received only a fraction back in compensation.

They have lost a total of £2.2m between them – around £137,500 each – but the industry life raft has paid them the maximum allowed, just £50,000 per person.

On April 1 the Financial Services Compensation Scheme (FSCS) limit increased to £85,000, but even this would have left them with significant losses.

In Parliament today MPs will debate the scandal that led to thousands of savers being conned, and which prompted a widespread investigation into those advising on pension transfers.

Members of the British Steel Pension Scheme...

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