DODGY ADVICE OFFERED OVER SAUSAGES AND CHIPS

CUT-THROAT financial advisers used sausage and chips lunches to lure steelworkers to sign their pensions away.

MPs investigating a mis-selling scandal at the Port Talbot metal plant laid bare tactics used by unscrupulous companies touting for business.

They said that advisers hung around outside British Steel Pension Scheme meetings to convince waverers they should pull their cash out. Firms also advertised heavily on Google. One company, Celtic Wealth, which worked closely with regulated business Active Wealth, provided sausages and chips at meetings with potential clients.

Customers who transferred their money often found it put into unacceptably dangerous investments.

Giving evidence to Parliament, Eugen Neagu of investment firm Montfort, said the products were unsuitable for all but the most experienced clients.