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

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...