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

FCA warns on loan notes and mini-bond investment risks

FCA warns on loan notes and mini-bond investment risks

Urges consumers to be wary of high-risk investments

Jenna Brown
clock 20 August 2026 • 2 min read
SVS Securities CEO banned and fined

SVS Securities CEO banned and fined

Demetrios Hadjigeorgiou barred from working in senior management positions

Jenna Brown
clock 20 August 2026 • 2 min read
Suitability rules overhaul: Why firms should engage now, not later

Suitability rules overhaul: Why firms should engage now, not later

'The bigger shift is philosophical, not just structural'

Marjolaine Quirke
clock 19 August 2026 • 3 min read