FCA prevents another British Steel adviser firm from asset disposal

Last month, the watchdog released a consultation setting out its plans for a British Steel Pension Scheme (BSPS) redress plan totalling £71.2m. Alongside this consultation, the FCA sent out a Dear CEO letter (first highlighted in December 2021) to advisory firms setting out its expectations that firms who advised BSPS customers should not dispose of, withdraw, transfer, deal with or diminish their assets and any funds they hold except in the ordinary course of business. The FCA warned that before making any payments, firms should consider their solvency, taking account of any redress ...