'Like pulling teeth': MP backs FCA British Steel redress but advisers split

In a consultation, released on Thursday 31 March, the FCA 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. The regulator said the scheme will apply to 343 advisory firms. The watchdog projected estimated the proposed scheme would mean that 1,400 BSPS members receive £71.2m in total redress. Nick Smith, MP for Blaenau Gwent, who has been heavily involved in campaigning on the issue for constituents, said it had been a long struggle to get to this point. He...