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British Steel Pension Scheme transfer advisers warned as FCA plans redress scheme

Compliance Monitor

British Steel Pension Scheme transfer advisers warned as FCA plans redress scheme

Pensiontransfer firms that advised members of the British Steel Pension Scheme totransfer out in 2017/18 are being told not to make unusual payments which woulddiminish their ability to pay compensation. The instruction comes from the FCA,which is planninga consultation on a redress scheme that would require firms to examinetheir own advice and pay compensation if the advice is “unsuitable and resultedin a financial loss” for the individuals.

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