Transfer advisers to use FCA calculation process for compensation review

Firms that advised British Steel staff to transfer out of their employers' pension scheme are being required to follow special redress rules in order tocalculate compensation sums.

By Neasa MacErlean

The Financial Conduct Authority estimates that " over 1,000 consumers" will be eligible for average compensation of £45,000 under the review it announced on 28 November. All firms that advised people to transfer out between 26 May 2016 and 29 March 2018 must contact them again between 28 February and 28 March 2023. Firms must then review the advice they gave by 30 September 2023.