British Steel scandal 'illustrates scale of the redress problem'

FCA and FOS joint call for input is ‘necessary’

Isabel Baxter
clock • 4 min read

The British Steel Pension Scheme (BSPS) serves as a strong illustration of the scale of the financial services redress problem and the growing need for change within the Financial Ombudsman Service (FOS), a lawyer has told Professional Adviser.

Following the Financial Conduct Authority (FCA) and FOS call for input (CFI) released after chancellor Rachel Reeves' Mansion House speech, co-head of Shoosmiths Edinburgh disputes and resolution practice Andrew Foyle said this will give a clearer idea of how schemes will operate in the future and how they will interact with the wider complaints process. "It was nonetheless recognised that regulatory reform is necessary in a post-crash, post-covid world, where economic recovery requires to be put at the centre. As part of that growth journey, the regulatory framework, and in particular t...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FCA and FOS reveal reforms as part of redress 'modernisation'

FCA and FOS reveal reforms as part of redress 'modernisation'

Follows joint call for input and government proposals

Isabel Baxter
clock 15 July 2025 • 3 min read
Professional Adviser TV: Remaining client centric in a time of increased regulation and digital demands

Professional Adviser TV: Remaining client centric in a time of increased regulation and digital demands

Kevin Bailey and James Sullivan also unpack what value looks like

Professional Adviser
clock 04 July 2025 • 1 min read
Targeted support: FCA shuns 'overly prescriptive' approach to vulnerability

Targeted support: FCA shuns 'overly prescriptive' approach to vulnerability

Considered prescribing how firms should support ‘vulnerable consumers’

Isabel Baxter
clock 30 June 2025 • 2 min read