The Pension’s industry should hold its head in shame over the way part of the industry behaved with the British Steel pensioners at Port Talbot.

The industry needs to change – it was not just a few advisers. The whole industry owes a duty of care to the pensioners of Britain.

The industry should not be looking to sell schemes which have high fees and are poor value. They know these are unsuitable bad investments.

The industry should not work with advisers who charge excessive commission to their clients.

Pensions are often the main source of income during retirement. The industry should have a duty of care to ensure its product represent genuine good value. Every £ charged in fees is a £ less in the pension pot. The impact of compounding high fees can devastate the value of someone’s pension

The regulators should act early when they suspect scams. They should look to enforce as soon as possible. It is too late if you close the door after the horse has bolted.

What happened at Port Talbot must not happen again. It should not be repeated at Carillion et al.