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