British Steel saga prompted FCA back-pedaling, say experts

Royal London pension expert Justin Corliss said the regulator had been "scarred" by the British Steel experience. "They have found too many cases where scheme members were given unsuitable advice to feel confident that now is not the time to alter the starting assumption," he said. On Monday, the FCA revealed it has abandoned plans to drop the unsuitable DB transfer assumption as a result of concerns about unsuitable advice being given in the area. The FCA first proposed the change in a consultation last June, prior to the poor advice given to steelworkers hit the headlines. Steelw...