FCA reveals £71.2m British Steel compensation scheme after 'unique' advice failures

In a consultation, released on Thursday 31 March, it said firms involved in BSPS transfers would be required to review the advice they gave, identify if it was unsuitable, and calculate and pay redress to consumers where required. It said the scheme will apply to 343 advisory firms. The paper suggested these would be made up of three large firms, 24 medium-sized firms and 316 small firms. It said about 40 firms, or 10% of those affected, would likely go bust as a result. It said: "BSPS is a highly exceptional case. Our evidence, suggests 46% of transfers were unsuitable. "This sugg...