PFS pushes for rethink of FCA's £71.2m British Steel compensation scheme

Challenging lump-sum approach

Ayesha Venkataraman
clock • 3 min read

The Personal Finance Society (PFS) wants the Financial Conduct Authority (FCA) to reconsider its plans for assessing the amount of compensation owed to British Steel Pension Scheme (BSPS) members, calling its suitability into question.

The FCA should ditch its plans to mandate compensation in the form of a lump sum, said the PFS, alleging that such compensation failed to address the central issue of BSPS members giving up a guaranteed income. The professional body also questioned the adequacy of the Defined Benefit Advice Assessment Tool process to address the individual circumstances in a case, instead calling for advisers to have a right of appeal to an independent, qualified transfer specialist that requires a review of the full file and the specific circumstances involved in creating the recommendation. In March...

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