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

‘The final redress cost will be higher’

Ayesha Venkataraman
clock • 7 min read

Advisers have offered split reactions to the Financial Conduct Authority’s (FCA) plans for a British Steel Pension Scheme (BSPS) redress plan totalling £71.2m.

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...

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 Your profession

Feel Good Friday: Brooks Macdonald gives sports wellbeing advice

Feel Good Friday: Brooks Macdonald gives sports wellbeing advice

Wealth manager has partnered with charity Sporting Wellness

Professional Adviser
clock 03 May 2024 • 1 min read
Adviser guide aims to 'demystify' Consumer Duty annual reporting

Adviser guide aims to 'demystify' Consumer Duty annual reporting

Firms to produce first annual Consumer Duty board report

Sahar Nazir
clock 02 May 2024 • 1 min read
Behavioural coaching a 'tough sell' among prospective clients

Behavioural coaching a 'tough sell' among prospective clients

‘Clients overlook major sources of value from advisers’

Isabel Baxter
clock 02 May 2024 • 1 min read