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

AI and compliance: Charging for advice or administration?

AI and compliance: Charging for advice or administration?

Efficiency doesn't remove accountability

Gareth Fatchett
clock 03 September 2026 • 3 min read
FCA warns of Flagstone clone

FCA warns of Flagstone clone

Notice issued to alert consumers

Jenna Brown
clock 03 September 2026 • 3 min read
Andrew Goodwin: As the regulator plays catch-up, should advisers race towards AI's cutting edge?

Andrew Goodwin: As the regulator plays catch-up, should advisers race towards AI's cutting edge?

'The review offers tangible evidence of the FCA playing catch-up'

Andrew Goodwin
clock 01 September 2026 • 4 min read