FCA proposes changes to unsuitable pension transfer advice redress calculations

Reflecting ‘actuarial best practice’

clock • 2 min read
FCA proposes changes to unsuitable pension transfer advice redress calculations

The Financial Conduct Authority (FCA) has proposed some updates to its current methodology for calculating redress for unsuitable pension transfer advice, including the British Steel Pension Scheme (BSPS) redress scheme, to help ensure the guidance reflects actuarial best practice, reduces the impact of market volatility and is responsive to consumers’ individual circumstances.

In a consultation published on Tuesday (2 August), the body said that it had strengthened its view that "redress should be paid into the consumer's personal pension where possible to ensure it is u...

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