Compliance Monitor
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.