Nick Smith MP writes to FCA: 'Implement redress scheme for steelworkers'

Sophie King
clock • 3 min read

Welsh MP Nick Smith has written to Financial Conduct Authority (FCA) chief executive Nikhil Rathi asking him to implement a consumer redress scheme for steelworkers.

The letter, sent on 6 August and seen by Professional Adviser, highlighted that, in May, Rathi said the FCA had "not ruled out" implementing such scheme for victims of the British Steel Pension Saga (BSPS). However, several legal considerations must first be met before a redress scheme is implemented. MP Smith highlighted the following criteria: It appears to the FCA that there may have been a widespread or regular failure by relevant firms to comply with requirements applicable to the carrying on by them of any activity. It appears to it [the FCA] that, as a result, consumers hav...

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Sophie King
Author spotlight

Sophie King

Professional Adviser journalist from 2018-2021

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