FCA introduces emergency powers against British Steel advice firms

No consultation

Tom Ellis
clock • 2 min read

The Financial Conduct Authority (FCA) has introduced emergency powers to prevent financial advice firms that advised members of the British Steel Pension Scheme (BSPS) from disposing of assets to avoid paying compensation.

The regulator has introduced these rules without consultation, it said, because of fears firms would dispose of assets in the time it took to consult on the rules. The measures will apply from 27 April. The watchdog's temporary measures apply to firms that advised five or more BSPS members to transfer out of the scheme between 26 May 2016 and 29 March 2018.  Firms must report to the FCA whether they can meet the potential cost of the BSPS redress. They will have to comply with the asset restriction rules until they confirm to the FCA they have sufficient resources to pay their potenti...

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 Regulation

Legal director Chloe-Jane Belton: FCA vs Woodford to test the regulatory perimeter

Legal director Chloe-Jane Belton: FCA vs Woodford to test the regulatory perimeter

To be 'a case to watch'

Chloe-Jane Belton
clock 15 June 2026 • 5 min read
Neil Woodford's W4.0 rejects FCA's characterisation and 'regrettable' civil claim

Neil Woodford's W4.0 rejects FCA's characterisation and 'regrettable' civil claim

In response to civil proceedings from the regulator

Patrick Brusnahan
clock 09 June 2026 • 2 min read
FCA obtains £452,000 confiscation order in Ponzi fraud case

FCA obtains £452,000 confiscation order in Ponzi fraud case

Confiscation order against convicted fraudster Daniel Pugh

Sophia Panayi
clock 08 June 2026 • 1 min read